The New York Federal Reserve released its November business report for the service sector. According to the report:
“Business activity was little changed in the region’s service sector in November, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey’s headline business activity index continued to hover around zero, coming in at -0.5. The business climate index remained firmly negative at -21.5, suggesting the business climate remains worse than normal. Employment continued to grow slightly, and wages increased at about the same pace as last month. Supply availability improved somewhat. Price increases were slightly lower than last month. Capital spending remained modest. Looking ahead, firms continued to grow more optimistic that conditions would improve in the months ahead.”
Of course, the election caused tremendous uncertainty for business activity in November. We remain hopeful that the business climate will be more optimistic as we move into a new administration.
You can see the NY Federal Reserve’s November Report here.