The New York Federal Reserve released its August business activity report for the service sector in New York. The “NY Fed” prepares an economic activity report for New York monthly. The top-line conclusion for August:
“Business activity held steady in the region’s service sector in August, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey’s headline business activity index moved up six points to 1.8. The business climate index was little changed at -25.0, suggesting the business climate remains worse than normal. Employment expanded, albeit at a slower pace than in recent months, and wages increased at about the same pace as in recent months. Supply availability improved slightly. Input and selling price increases were little changed. Capital spending grew a touch after declining for the prior two months. Looking ahead, firms were not very optimistic that conditions would improve in the months ahead.”
The monthly report contains valuable business-related information and is worth a quick read.
YOU can access the New York Federal Reserve’s Report here.