New York Fed services data just came in softer than last month. The headline ticked up slightly to +0.5, but that's a far cry from the +8.7 we saw before. Business climate sentiment actually worsened—down to -25.7. Employment growth slowed a bit too.
What's interesting: wages held steady at +30.7, but prices paid by businesses jumped to 70.1 from 66.7. That's the squeeze in real time—costs rising faster than the mood improves.
This isn't a collapse, but it's not exactly a reacceleration either. Just another reminder that the economy doesn't move in straight lines, and regional data can tell you more about the ground truth than the headlines do.
What's interesting: wages held steady at +30.7, but prices paid by businesses jumped to 70.1 from 66.7. That's the squeeze in real time—costs rising faster than the mood improves.
This isn't a collapse, but it's not exactly a reacceleration either. Just another reminder that the economy doesn't move in straight lines, and regional data can tell you more about the ground truth than the headlines do.