NY Fed Service Sector June Report: Business Activity Down & Business Climate Index Up

The NY Federal Reserve issued its business survey report on economic activity in service sector businesses for June. According to the report:

“Business activity continued to decline modestly in the region's service sector in June, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey's headline business activity index fell four points to -10.1. The business climate index rose ten points to -37.3, suggesting the business climate was still worse than normal, but less so than last month. Employment rose at the fastest pace in nearly two years, and wage growth picked up. Supply availability continued to worsen, and the pace of input price increases and selling price increases remained elevated. Looking ahead, firms were not very optimistic about the outlook for the next six months.”

The report for June can be seen here.