The New York Fed’s Services Business Activity Index fell to -20.7 in October 2026 from -8.7 in September, marking its lowest level since March as business activity contracted at a faster pace. The business climate index was little changed at -35.0, with just over half of respondents describing conditions as worse than normal. Employment was steady, while wage growth remained modest. Supply availability continued to deteriorate, although at a slower pace than in September. Input price increases remained sharp, while selling price increases accelerated to their fastest pace since 2022. Capital spending remained weak. Looking ahead, firms turned pessimistic about the six-month outlook, with the expectations index falling into negative territory for the first time since December 2025. Expectations for future input and selling price increases remained elevated and largely unchanged. source: Federal Reserve Bank of New York

NY Fed Services Activity Index in the United States decreased to -20.70 points in October from -8.70 points in September of 2026. NY Fed Services Activity Index in the United States averaged 1.59 points from 2004 until 2026, reaching an all time high of 43.20 points in June of 2021 and a record low of -76.50 points in April of 2020. United States NY Fed Services Activity Index - data, historical chart, forecasts and calendar of releases - was last updated on October of 2026.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-09-16 12:30 PM
NY Fed Services Activity Index
Sep -8.7 0.5
2026-10-16 12:30 PM
NY Fed Services Activity Index
Oct -20.7 -8.7 -9
2026-11-17 01:30 PM
NY Fed Services Activity Index
Nov


United States NY Fed Services Activity Index
The Business Leaders Survey is a monthly survey conducted by the Federal Reserve Bank of New York that asks companies across its District - which includes New York State, Northern New Jersey, and Fairfield County, Connecticut - about recent and expected trends in key business indicators. This survey is designed to parallel the Empire State Manufacturing Survey, though it covers a wider geography and the questions are slightly different. Participants from the service sector respond to a questionnaire and report on a variety of indicators, both in terms of recent and expected changes. While January 2014 is the first published report, survey responses date back to September of 2004 and all historical data are available on our website. The survey is sent on the first business day of each month to the same pool of about 150 business executives, usually the president or CEO, in the region's service sector. In a typical month, about 100 responses are received by around the tenth of the month when the survey closes.
Actual Previous Highest Lowest Dates Unit Frequency
-20.70 -8.70 43.20 -76.50 2004 - 2026 points Monthly
NSA

News Stream
NY Services Activity Drops the Most in 7 Months
The New York Fed’s Services Business Activity Index fell to -20.7 in October 2026 from -8.7 in September, marking its lowest level since March as business activity contracted at a faster pace. The business climate index was little changed at -35.0, with just over half of respondents describing conditions as worse than normal. Employment was steady, while wage growth remained modest. Supply availability continued to deteriorate, although at a slower pace than in September. Input price increases remained sharp, while selling price increases accelerated to their fastest pace since 2022. Capital spending remained weak. Looking ahead, firms turned pessimistic about the six-month outlook, with the expectations index falling into negative territory for the first time since December 2025. Expectations for future input and selling price increases remained elevated and largely unchanged.
2026-10-16
NY Services Activity Slumps
The New York Fed’s Services Business Activity Index dropped to -8.7 in September 2026 from 0.5 in August, reversing the upbeat sentiment recorded over the previous two months. The business climate index fell ten points to -35.9, as nearly half of respondents reported an unfavorable climate, indicating that business conditions were notably worse than normal as supply availability continued to deteriorate. Employment edged lower by seven points to -4.9, while wage growth remained close to levels seen in recent months. Input price growth continued to increase significantly, while selling-price pressures also picked up. Capital spending remained weak. Looking ahead, firms expect modest growth in business activity over the next six months, with employment expected to increase. Price pressures are also expected to remain elevated as supply availability continues to deteriorate.
2026-09-16
NY Services Activity Slows Sharply
The New York Fed’s Services Business Activity Index dropped to 0.5 in August 2026 from 8.7 in July, which was the highest reading since May 2022. The business climate index remained deeply negative at -25.7, with 43% of respondents reporting unfavorable business conditions. At the same time, the supply availability index fell five points to -14.3, indicating a sharper deterioration in supply conditions than in the previous month Meanwhile, employment saw a slight improvement, while wages continued to rise at a modest pace. The prices paid index rose three points to 70.1, pointing to a modest acceleration in input price growth, while the prices received index was unchanged at 27.7. The future business climate index declined 17 points to -16.5, pointing to increased pessimism about the outlook. Employment is expected to rise modestly, while firms continue to anticipate elevated price pressures and some further deterioration in supply availability. Capital spending plans remained subdued.
2026-08-18