The New York Fed's October Business Leaders Survey showed regional services
activity fell sharply; the business activity index dropped 12 points to -20.7,
the lowest since March. Employment was flat but firms reported the fastest rise
in selling prices since 2022. Input costs continued to climb rapidly, supply
conditions deteriorated and capital expenditure remained weak. Firms are
slightly pessimistic on the outlook, expecting a modest decline in activity over
the next six months while still forecasting elevated gains in input and selling
prices.