ISM NY: Current Business Conditions came in at 62.8 in July

"New York City purchasing managers reported increased current business conditions while indicating significant drops in employment and current revenues," announced ISM - New York Inc. on Wednesday.

Key quotes:

• Current Business Conditions came in at 62.8 in July, the highest level seen since December of 2016
• The Six-Month Outlook, which now addresses expectations for January 2018, decreased for the fourth consecutive month without leaving growth territory, coming in at 58.1 in July
• Employment, a seasonally adjusted index, fell to 37.8 in July after nearly breaking even in June
• Quantity of Purchases increased to 52.8 in July after breaking even in June
• Current Revenues fell to 44.4 in July from 46.9 in June