FX.co ★ NY Services Activity Continues to Fall

The Federal Reserve Bank of New York's general business activity index, which assesses economic trends in New York State, as well as parts of New Jersey and Connecticut, rose to -21.7 in November 2025, up from -23.6 in October—the lowest point recorded since January 2021. Despite this improvement, the figures indicate that business activity in the region's service sector continued to decline notably in November. Employment dropped for the third month in a row, with a reading of -8.6 compared to -5.2 previously, while wage growth remained modest at 25.4 relative to 25.9. Supply availability deteriorated slightly, registering -11.1 against the prior -13.8. The pace of both input and selling price increases slowed, appearing at 61.9 versus 66.4 and 20.1 against 26.4, respectively. Furthermore, enterprises hold a subdued outlook, with little expectation for improvement in the coming months. The business climate index showed minimal change, sitting at -42.2 compared to -42.9, indicating that the business climate continues to be less favorable than usual.