Service sector

Services Sector Business Activity Increases in New York Area – New York Fed Survey

A family enjoys dinner at a restaurant during the outbreak of the coronavirus disease (COVID-19) in the Manhattan borough of New York, New York, U.S., March 25, 2021. REUTERS/Jeenah Moon

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July 16 (Reuters) – New York-area service-sector businesses saw a further uptick in activity in early July, according to a Federal Reserve Bank of New York survey on Friday, as the economy rebounds after the recession caused by the coronavirus pandemic. .

The business activity index fell slightly to 41.7 in July, but was still close to last month’s record high, according to the New York Service Sector Business Leaders Survey, in northern New Jersey and southwestern Connecticut.

The business climate index rose six points to 6.5, indicating that businesses generally rate the business climate as better than normal for this time of year.

Employment levels and wages continued to rise and businesses remained optimistic that conditions continued to improve, with the future employment index remaining near record highs.

The survey was conducted between July 1 and July 9.

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Reporting by Jonnelle Marte; edited by John Stonestreet and Nick Zieminski

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