NY Fed Survey: Business in NY Service Sector Still Down

Business activity continued to decline significantly in the region’s service sector in December, 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 -20.0. The business climate index drifted down to -44.2, suggesting the business climate remained much worse than normal. Employment fell for a fourth consecutive month, and wage growth remained modest. Supply availability continued to worsen somewhat. Both input price increases and selling price increases picked up after slowing last month. Looking ahead, firms expected little improvement in conditions over the next six months.

You can see the full survey results for December here.