NY region service sector business growth slows in August -NY Fed survey

FILE PHOTO: A checkpoint is pictured outside of the Federal Reserve Bank of New York in the Manhattan borough of New York City, New York, U.S., October 4, 2019. REUTERS/Carlo Allegri

(Reuters) – The New York area saw business activity grow at a slower but still significant pace in early August, according to a survey released Tuesday by the New York Federal Reserve.

The survey’s headline business activity index fell to 27.8 in August from 41.7 in July, moving away from record-setting pace of growth seen over the past few months.

While still optimistic, business owners were less positive about future conditions than they were in recent months, according to the survey of firms in New York, northern New Jersey and southwestern Connecticut.

More than half of respondents said they expect employment to increase in the coming months and the index for future employment held near its record high. The survey was conducted between August 2 and August 9.

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