NY Fed: Service Business Declines Again in April

According to the NY Federal Reserve survey of NY business leaders in April:

“Business activity in the region’s service sector declined significantly for a second consecutive month, according to firms responding to the Federal Reserve Bank of New York’s April Business Leaders Survey.  The survey’s headline business activity index came in at -19.8, its lowest level in more than a year.  The business climate index dropped nine points to -60.7, its lowest level in more than four years, suggesting the business climate was considerably worse than normal.  Employment held steady, and wage growth remained moderate. Supply availability worsened.  Input price increases and selling price increases were little changed.  After turning pessimistic about the outlook last month, firms became even more negative, with half now expecting activity to decline in the months ahead.” 

View the complete survey and other important marketing data on the NY Federal Reserve website here.