In May, the pace of economic growth in New York City fell to its lowest level in the past five months, according to the National Association of Purchasing Management’s New York Report on Business. In April, the index of current business conditions was 74.2; in May, the index had dropped to 42.3, signalling a contraction in business activity. According to survey results, the six-month outlook is at best, cautiously optimistic. Let's hope this is just a typical summer slowdown in the city.