NY Fed: Service Economy Remains Sluggish

The NY Federal Reserve has released the results of its August Business Leaders Survey.  The survey covers the “service” economy in New York state, northern New Jersey, and southern Connecticut.  The report concluded:

“Business activity continued to decline 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 was little changed at -11.7. The business climate index remained negative at -39.3, suggesting the business climate remained worse than normal. Employment held steady, and wage growth was modest. Supply availability continued to worsen. The pace of input price increases remained moderate, and selling price increases remained significant. Firms turned pessimistic about the outlook.”

You can access the full report here.