The Federal Reserve Bank of New York’s general business activity index, which tracks economic activity in New York State as well as parts of New Jersey and Connecticut, fell to -25.7 in February 2026, down from -16.1 in January. This represented the sharpest deterioration since early 2021 and signaled a sharp contraction in the region’s service sector. The business climate index remained deeply negative at -41.7, indicating that conditions are worse than normal. Employment declined for the sixth consecutive month, while wage growth continued to pick up. Supply availability worsened modestly. Both input cost and selling price increases were little changed and remained elevated. Looking ahead, firms became more optimistic and anticipate a modest pickup in activity over the next six months. source: Federal Reserve Bank of New York

NY Fed Services Activity Index in the United States decreased to -25.70 points in February from -16.10 points in January of 2026. NY Fed Services Activity Index in the United States averaged 1.93 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 February of 2026.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-16 01:30 PM
NY Fed Services Activity Index
Jan -16.1 -20.0
2026-02-18 01:30 PM
NY Fed Services Activity Index
Feb -25.7 -16.1
2026-03-17 12:30 PM
NY Fed Services Activity Index
Mar -25.7


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
-25.70 -16.10 43.20 -76.50 2004 - 2026 points Monthly
NSA

News Stream
NY Services Activity Deteriorates the Most Since 2021
The Federal Reserve Bank of New York’s general business activity index, which tracks economic activity in New York State as well as parts of New Jersey and Connecticut, fell to -25.7 in February 2026, down from -16.1 in January. This represented the sharpest deterioration since early 2021 and signaled a sharp contraction in the region’s service sector. The business climate index remained deeply negative at -41.7, indicating that conditions are worse than normal. Employment declined for the sixth consecutive month, while wage growth continued to pick up. Supply availability worsened modestly. Both input cost and selling price increases were little changed and remained elevated. Looking ahead, firms became more optimistic and anticipate a modest pickup in activity over the next six months.
2026-02-18
NY Fed Services Activity Index Rises in January
The Federal Reserve Bank of New York’s general business activity index, which tracks economic activity in New York State as well as parts of New Jersey and Connecticut, rose to -16.1 in January 2026, up from -20.0 in December. This marked the highest level since August, though the reading still signaled a sharp contraction in the region’s service sector. The business climate index remained deeply negative at -34.4, indicating that conditions are worse than normal. Employment declined for the fifth consecutive month, while wage growth increased modestly. Supply availability showed little change. Both input cost and selling price increases slowed. Looking ahead, firms anticipate only modest improvements in conditions over the next six months.
2026-01-16
NY Services Activity Contracts Further
The Federal Reserve Bank of New York’s general business activity index, which tracks economic activity in New York State and parts of New Jersey and Connecticut, increased to -20.0 in December 2025 from -21.7 in November. Despite the increase, the reading showed that business activity continued to decline significantly in the region’s service sector in December. Employment fell for a fourth consecutive month (-7.4 vs -8.6), and wage growth remained modest (23.7 vs 25.4). Supply availability improved somewhat (-7.4 vs -11.1). Both input price increases (72.1 vs 61.9) and selling price increases (30.5 vs 20.1) picked up. Meanwhile, firms do not expect conditions to improve much in the months ahead. The business climate index drifted down to -44.2 (vs -42.2), suggesting the business climate remained worse than normal.
2025-12-16