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MNI: US HOUSE FINANCIAL SERVICES ANNOUNCES HEARING ON SVB, SIG

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NY Fed reports activity in the region’s service sector continued to fall for a fourth consecutive month: down 4 points to -21.4 (near 2 year low).
  • The business climate index came in at -41.8, suggesting the business climate remains much worse than normal.
  • Employment growth slowed to a crawl, though wage increases remained widespread. The pace of input price increases continued to trend lower, while the pace of selling price increases moved slightly higher.
  • Looking ahead, firms do not expect conditions to be better in six months.

NY Federal Reserve/MNI

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NY Fed reports activity in the region’s service sector continued to fall for a fourth consecutive month: down 4 points to -21.4 (near 2 year low).
  • The business climate index came in at -41.8, suggesting the business climate remains much worse than normal.
  • Employment growth slowed to a crawl, though wage increases remained widespread. The pace of input price increases continued to trend lower, while the pace of selling price increases moved slightly higher.
  • Looking ahead, firms do not expect conditions to be better in six months.

NY Federal Reserve/MNI