Gloomy NY Fed Business Leaders Survey

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The Federal Reserve Bank of New York’s October Business Leaders Survey reflected a dour business climate. The Survey, a monthly polling of service firms in New York, northern New Jersey and southwestern Connecticut, indicated that the region’s service sector business activity declined “substantially” in October according to the NY Fed. The business activity index declined to -23.6 in October from -19.4 in September. This is the lowest level for this index since January 2021. Similarly, the business climate index fell to -42.9 from -40.7. The employment and wage indexes moved slightly lower and the prices paid index increased 3 points to 66.4, while the prices received index fell six points to 26.4. The only glimmer of hope in the October release was the business activity expectations index (six months forward-looking), which ticked up to -3.4 from -5.8 in September.

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