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. source: Federal Reserve Bank of New York

NY Fed Services Activity Index in the United States decreased to 0.50 points in August from 8.70 points in July of 2026. NY Fed Services Activity Index in the United States averaged 1.72 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 September of 2026.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-07-16 12:30 PM
NY Fed Services Activity Index
Jul 8.7 -10.1
2026-08-18 12:30 PM
NY Fed Services Activity Index
Aug 0.5 8.7
2026-09-16 12:30 PM
NY Fed Services Activity Index
Sep


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
0.50 8.70 43.20 -76.50 2004 - 2026 points Monthly
NSA

News Stream
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
NY Services Activity Expand to 2022-Highs
The New York Fed's Services Business Activity Index rose 19 points to 8.7 in July 2026, as business activity in the service sector rose for the first time in nearly two years. The headline index reached its highest level since May 2022, with the business climate index rising 13 points to -24, indicating conditions improved significantly in recent months, though they remained below normal. Employment continued to grow, albeit at a slower pace, and wage growth moderated. Meanwhile, supply availability deteriorated further, while price increases eased slightly but remained elevated. Looking ahead, firms turned optimistic about business conditions for the first time in well over a year and do not expect the business climate to worsen over the next six months. Employment is expected to grow modestly, while supply availability is expected to worsen and capital spending remains subdued.
2026-07-16
NY Services Activity Contracts in June
The New York Fed’s Services Business Activity Index fell 4 points to -10.1 in June 2026. Business activity continued to contract modestly in the region’s service sector, according to respondents to the Federal Reserve Bank of New York’s Business Leaders Survey. Although the business climate index rose 10 points to -37.3, indicating an improvement in sentiment, overall business conditions remained weak. Employment growth accelerated to its fastest pace in two years, while wages continued to increase. Meanwhile, supply chain pressures intensified, with both input and selling prices remaining elevated. Looking ahead, firms remain cautious, with business expectations continuing to reflect a subdued outlook. While employment is expected to increase, capital spending plans remain soft.
2026-06-16