The NY Fed Business Leaders Survey Business Activity Index remained negative in July, with the headline index rising 3.9 pts to -9.3, marking the fifth straight monthly contraction.

• The Business Climate index improved by 13.7 pts to -34.6, though still signaling conditions worse than normal for most firms.
• The Employment index rose 6.3 pts to 3.8, suggesting modest job growth; wage pressures also picked up, with the Wages index jumping 9.0 pts to 28.3.

• Prices Paid edged down -2.0 pts to 64.5 but remained elevated, while Prices Received surged 9.1 pts to 30.1, the highest since March 2023.
• Capital Spending rose slightly, up 4.1 pts to -8.5, still negative but improving from June.
• Supply availability remained a constraint with its index at -7.1, though less severe than in the prior month.