NY Fed October Survey: Service Activity Index Falls to -20.7 as Selling Prices Rise at Fastest Pace Since 2022
Service-sector activity in the New York Federal Reserve's district contracted at a faster pace in October while price pressures remained notable, according to the New York Fed's Business Leaders Survey released on October 16.
The headline business activity index fell 12 points from September's -8.7 to -20.7, its lowest reading since March. The business climate index came in at -35.0, little changed from the prior month, with slightly more than half of responding firms saying business conditions were much worse than normal.
On prices, firms reported that input price increases remained sharp while selling price increases accelerated to their fastest pace since 2022, and firms expected price increases to stay elevated ahead. Employment in the district was broadly steady, wage growth remained modest, supply availability continued to worsen though at a slower pace than in September, and capital spending stayed weak.
Looking ahead, firms turned pessimistic about the next six months: the expected future activity index fell into negative territory for the first time since December.
The Business Leaders Survey is a monthly questionnaire sent to about 150 service-sector executives across New York State, northern New Jersey and southwestern Connecticut, typically drawing about 100 responses. (GSM, based on Reuters reporting)
Published by GSM · USA (original Chinese edition)
Photo: 图：位于曼哈顿下城的纽约联邦储备银行大楼。摄影：Beyond My Ken，CC BY-SA 4.0，来源：Wikimedia Commons
