NY Fed August Service Sector Report: Steady as She Goes

Every month, the NY Fed Surveys business leaders in New York to examine the business climate in the “service sector.”   The August report noted that for the most part, business activity remained steady, while the overall business climate remained low.  The report concluded:

“Business activity held steady in the region's service sector in August, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey.  The survey's headline business activity index fell eight points to 0.5. The business climate index was little changed at -25.7, suggesting the business climate was still worse than normal.  Employment edged up slightly and wages continued to increase modestly.  Supply availability continued to worsen.  The pace of input price increases picked up slightly, while selling prices increased at about the same pace as in July.  Capital spending was weak.  Looking ahead, firms' optimism about the six-month outlook weakened notably.”

The Fed report contains a wealth of data regarding business activity in New York.  It is worth a quick look.

You can see the NY Fed Reports here.