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NY Federal Reserve: Service Economy Steady

The NY Federal Reserve noted that the “service sector” of the NY Economy will remain steady. In its most recent monthly report, the NY Fed noted:

“Activity held steady in the region’s service sector, according to firms responding to the Federal Reserve Bank of New York’s March 2024 Business Leaders Survey. The survey’s headline business activity index climbed eight points to 0.6, its highest level in several months. The business climate index was little changed at -26.4, suggesting the business climate remains worse than normal. Employment held steady, and wage increases moderated to a small degree. Input and selling price increases picked up somewhat. Capital spending was flat. Looking ahead, firms remained moderately optimistic about future conditions, with the business climate expected to be better than normal in six months.”

You can access the complete monthly survey from the NY Federal Reserve here.



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