NEW: Activity in the region’s service sector declined slightly, according to firms responding to the Federal Reserve Bank of New York’s October 2019 Business Leaders Survey → nyfed.org/2IMaBLq 
The survey’s headline business activity index dropped 9 points to -4.3—the first negative reading in more than two years. #BusinessLeadersSurvey
24% percent of respondents reported that conditions improved over the month, while almost 29% said that conditions worsened. #BusinessLeadersSurvey
After falling last month to its lowest level in more than two years, the business climate index was little changed at -14.8, indicating that, on balance, firms continued to view the business climate as worse than normal. #BusinessLeadersSurvey
The employment index fell 5 points to 2.2, pointing to little change in employment. #BusinessLeadersSurvey
The wages index held steady at 38.7, indicating that wage increases remained fairly widespread. #BusinessLeadersSurvey
The prices paid index rose 4 points to 43.0, suggesting input price increases picked up a bit. The prices received index edged down 2 points to 18.3, indicating selling prices increased at a slightly slower pace than last month. #BusinessLeadersSurvey
Optimism about future conditions continued to deteriorate, with firms expressing notable pessimism about the future business climate. #BusinessLeadersSurvey
Firms were much less optimistic about the six-month outlook. The index for future business activity, while still positive, dropped another 10 points to 2.2—its lowest level since late 2012. #BusinessLeadersSurvey
Of note, the index for future business activity has dropped more than 25 points over the past three months. #BusinessLeadersSurvey
The index for future business climate fell 4 points to -22.8, its lowest level since early 2009, indicating that firms expected the business climate to worsen in the months ahead. #BusinessLeadersSurvey
The index for future employment moved lower, while the index for future wages edged up. #BusinessLeadersSurvey
Download the full report → nyfed.org/33EOGPd
JUST RELEASED:
