Business activity in New York City contracts for the first time in 19 months

Business activity in New York contracted for the first time in 19 months in January.

The latest report on business from the Institute for Supply Management showed the activity index fell to 44.5 in January from 70.8 in December. Any reading under 50 indicates contraction in business activity.

ISM's report showed that the headline reading fell to a six-year low in January after hitting a four-year high just one month earlier.

The optimism gauge also fell to a nine-month low in January.

Additionally, the report noted that, "Price measures ran counter to oil and gasoline prices. Prices Paid rose to a four-year high of 67.5 in January, and Prices Received moved up to to 55.6 in January."

So, just one regional measure, but not a good start to the year. At least for business in New York City.