FX.co ★ NY Fed Services Activity Index Rises in January

The Federal Reserve Bank of New York's index for general business activity, which monitors economic performance in New York State as well as portions of New Jersey and Connecticut, improved to -16.1 in January 2026, up from -20.0 in December. This level represents the highest since August, although it continues to indicate a significant contraction within the region's service sector. The business climate index also remained starkly negative at -34.4, reflecting that conditions are considerably below the norm. Employment has declined for the fifth month in a row, while wage growth has seen a modest increase. There has been minimal change in supply availability. Furthermore, the rate at which input costs and selling prices are rising has decelerated. Looking forward, firms are predicting only slight enhancements in conditions over the coming six months.