NY/NJ/CT Services Sector Collapses In October

Activity declined significantly in the service sector, according to firms responding to the FRBNY’s October 2023 Business Leaders Survey (which covers service firms in New York, northern New Jersey, and southwestern Connecticut). The survey’s headline business activity index plunged 16pts to -19.1 (biggest drop in a year), its lowest level since Jan 2023

Source: Bloomberg

From the exuberance of August’s re-emergence into positive territory, the sentiment survey has collapses back near cyclical lows.

Additionally, as FRBNY reports, the business climate index fell 9pts to -35.9, suggesting the business climate remains much worse than normal – and expectations plunged

Despite the plunge in sentiment, employment rose modestly and prices were stable.

Maybe more government handouts for more migrants from Texas will help?


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