NY Federal Reserve Issues Pessimistic October Report

According to the October Federal Reserve's October report:

“Business activity declined significantly in the region's service sector in October, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey.  The survey's headline business activity index fell twelve points to -20.7, its lowest level since March.  The business climate index was little changed at -35.0, suggesting the business climate remained much worse than normal.  Employment held steady, and wage growth remained modest.  Supply availability continued to worsen.  The pace of input price increases remained sharp, and selling price increases picked up to the fastest pace since 2022.  Capital spending remained weak.  Looking ahead, firms became somewhat pessimistic about the outlook for the next six months.”

You can see the full report along with other economic data here.