New York Fed's service-sector index rose to 8.7 in July, its first positive reading in nearly two years

Service-sector activity in the New York region grew in July for the first time in nearly two years. The Federal Reserve Bank of New York said its Business Leaders Survey headline activity index rose 19 points to 8.7, up from minus 10.3 in June and the highest reading since 2022. That is a large one-month move. Among respondents, 34 percent reported improvement and 25 percent reported worse conditions. The business climate index rose 13 points to minus 24.0 but stayed negative, the employment index slipped to 4.3, signaling that hiring continued at a slower pace, and the wages index eased to 30.7. Firms answered between July 2 and July 10. The survey covers service firms in New York, northern New Jersey and southwestern Connecticut.