NY Services Activity Continues to Fall

2025-11-18 13:41 By Joana Taborda 1 min. read

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 -21.7 in November 2025 from -23.6 in October which was the lowest value since January 2021.

Despite the increase, the reading showed that business activity continued to decline significantly in the region’s service sector in November.

Employment fell for a third consecutive month (-8.6 vs -5.2), and wage growth remained modest (25.4 vs 25.9).

Supply availability continued to worsen somewhat (-11.1 vs -13.8).

Both input price increases (61.9 vs 66.4) and selling price increases slowed (20.1 vs 26.4).

Meanwhile, firms do not expect conditions to improve much in the months ahead.

The business climate index was little changed (-42.2 vs -42.9), suggesting the business climate remained worse than normal.



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