NY Fed Reserve Monthly Report: Service Economy Activity Slows in November

The New York Federal Reserve released its monthly survey report of business leaders regarding the service economy in New York. Unfortunately, the business activity for November continues to be down.  According to the report:

"Business activity continued to decline significantly 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 was little changed at -21.7.  The business climate index held steady at -42.2, suggesting the business climate remained worse than normal.  Employment declined for a third consecutive month, and wage growth remained modest.  Supply availability continued to worsen somewhat.  Both input price increases and selling price increases slowed.  Looking forward, on the whole, firms expected little improvement in conditions in the months ahead."

There is a lot to unpack in the survey.  It is worth reading.  You can access the full report here.