NY Service Sector Remains in Contraction

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While conditions improved modestly in the last month, the New York-Northern New Jersey service sector remained in contraction territory in May, according to the results of the Federal Reserve Bank of New York’s Business Leaders Survey. The top line business activity index remained in negative territory, but improved to -5.8 in May from -14 in April, while the business climate index sat at a very unfavorable -46.9, only 2.4 points better than in April. The one bright spot in the report was  employment, with the employee count edging into positive territory at 1.9 from -2.4 in April. The six-month forward expectations indices indicated a slight uptick in optimism, with the forward-looking business activity index increasing 7.3 points to 10.2, while the business climate expectations also increased 7.3 but remained in negative territory at -14. The forward-looking employment and capex indexes were flat m/m. Both remained in minimally positive territory. 


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