Service sector activity surged at record pace in May, NY Fed survey finds - Reuters

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By Reuters Staff

FILE PHOTO: A waiter fills a glass in the Mediterranean seafood restaurant Estiatorio Milos at the Hudson Yards as restaurants resumed indoor dining at 25 percent capacity due to the coronavirus disease (COVID-19) in Manhattan, New York City, U.S., September 30, 2020. REUTERS/Andrew Kelly

(Reuters) - The service sector in the New York region saw business activity rise at a “record-setting pace” in early May, according to a survey of business leaders released by the Federal Reserve Bank of New York on Tuesday.

The survey’s headline business activity index, which covers businesses in New York, New Jersey and southwestern Connecticut, increased by nine points to 38.8. Optimism for the future also surged, with the index for future business activity and future employment both reaching record highs of 67.8 and 51.8, respectively.

Reporting by Jonnelle Marte; Editing by Andrew Heavens

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