FX.co ★ NY Services Activity Shrinks the Most in Over 4 Years

The general business activity index from the Federal Reserve Bank of New York, which monitors economic activity in New York State as well as portions of New Jersey and Connecticut, decreased by 4.2 points to -23.6 in October 2025. This is the lowest figure recorded since January 2021, a time when the service sector was still on the mend from the pandemic impacts. Furthermore, the business climate index decreased to -42.9, signaling that conditions are notably worse than usual. Employment saw a marginal decline, and wage growth remained subdued. Supply availability continued to worsen, with input prices still high, although there was a deceleration in the increase of selling prices. Overall, firms conveyed a slight sense of pessimism regarding the short-term economic outlook.