Business activity in the New York–Northern New Jersey service sector declined further in November, with the Business Activity Index edging up +1.9 pts MoM to -21.7, reflecting another month of substantial contraction.

• The Business Climate Index was nearly unchanged at -42.2 (+0.7 pts MoM), indicating that a majority of firms continued to view conditions as worse than normal.

• Employment fell for a third month, with the index dropping -3 pts to -8.6, marking a multiyear low and signaling continued job cuts across the region.

• The Wages Index held steady at 25.4, showing modest but stable wage growth despite broader weakness in activity.

• Prices Paid decreased -4.5 pts to 61.9, and Prices Received declined -6.3 pts to 20.1, pointing to slower increases in both input costs and selling prices.

• The Supply Availability Index remained negative at -11.1, suggesting ongoing deterioration in the availability of inputs.

• Firms remained cautious about the outlook, with the Future Business Activity Index at -4.6, and expectations for employment and capital spending staying soft.