A majority of small businesses in the goods and retail sectors nationally reported experiencing financial challenges due to tariffs in 2025, with even larger shares of small firms in the NY-NJ-CT region doing so. bit.ly/4wM6jKn

Business activity picked up in the New York-Northern New Jersey region’s service sector in July for the first time in nearly two years. Employment increased modestly, and firms grew more optimistic about the outlook for the months ahead. Learn more: nyfed.org/4ypWF1I

New York State manufacturing activity increased substantially in July, with new orders and shipments picking up sharply. Employment grew for a sixth consecutive month. Price increases remained elevated and supply availability continued to worsen. Learn more: nyfed.org/4pkH2nY

In remarks today, President John C. Williams spoke about the U.S. economic outlook, NYCs economy, and how the FOMC is working to achieve its dual mandate goals. Key Takeaways: nyfed.org/451e17w Read the full speech: bit.ly/4f8CwEk

The nationwide pace of home price growth increased to 0.8% year over year from 0.6% in April. Visit our website to explore the data. www.newyorkfed.org/research/hom...

Our latest regional business surveys reveal that nearly half of firms that have paid tariffs still plan to pass on additional price increases to customers to offset these costs. libertystreeteconomics.newyorkfed.org/2026/07/more...

Our June 2026 Survey of Consumer Expectations shows that households’ inflation expectations increased at the short- and medium-term horizons and were unchanged at the longer-term horizon. Learn more: www.newyorkfed.org/newsevents/n...

The nationwide pace of home price growth slowed to 0.3% year over year in April, down from 0.5% in March. Explore the data: www.newyorkfed.org/research/hom...

After staying near 63% for decades, the labor share, which is the fraction of output paid to workers as wages and salaries, now stands at an all-time low in the postwar period. Learn more: libertystreeteconomics.newyorkfed.org/2026/06/the-...

In today's post, the authors show how an October 2025 price shock in digital assets was transmitted and amplified through synthetic stablecoins—crypto assets that turned an external shock into a self-reinforcing deleveraging spiral within the crypto ecosystem. nyfed.org/4oPgafS

Business activity in the region’s service sector continued to decline in June, but employment picked up notably. Firms expect only modest growth in the coming months. www.newyorkfed.org/survey/busin...

Following strong growth in May, manufacturing activity in New York State increased modestly in June. Employment grew for the fifth straight month, but price increases remained elevated and supply availability worsened. Learn more: www.newyorkfed.org/survey/empir...

Congratulations to the New York Knicks on their historic NBA Finals comeback. You make the Second District proud. #GoKnicks

Our May 2026 Survey of Consumer Expectations shows that households’ inflation expectations decreased at the short-term horizon and remained unchanged at the medium- and longer-term horizons, while home price growth expectations increased. nyfed.org/4fDfHuF

Today, President John Williams discussed the U.S. economic outlook in an interview with Yahoo Finance. Learn more: yhoo.it/4vvDCAQ

Today's post estimates that 64% of the recent increase in unemployment of young college graduates can be explained by remote work. Recent grads in jobs that can be done remotely have a higher unemployment rate than those in fields where work is more likely to be in person. nyfed.org/49xvTtq

Today’s EHIs include new regional consumer spending data. A related post explores if the K-shaped spending patterns observed nationally hold true for the New York Fed’s region. The trends are similar & the regional response to the recent gas price shock is more pronounced: nyfed.org/4uG476C

Today, in remarks at the Reykjavík Economic Conference in Reykjavík, Iceland, President Williams examined how shifts in the trend rate of productivity growth affect the broader economy and the implications for monetary policy. Full speech: nyfed.org/4uxdZPP

During his presentation in Cooperstown, Head of Research Kartik Athreya noted that upstate NY job growth has recently outpaced downstate. Housing varies across regions, but statewide prices continue rising due to strong demand and limited inventory. nyfed.org/4vaU7lI

A new report, “Credit Insecurity and ALICE Households in the United States,” finds that one-third of people in low-income counties with limited access to affordable credit live in rural census tracts. Learn more and download: nyfed.org/4uD3Z7y

In remarks today, SOMA Manager Roberto Perli discussed recent money market conditions, the Desk’s approach to RMPs, Senior Financial Officer Survey results, and considerations connected to the public debate on the future size of the SOMA portfolio & the Fed’s balance sheet nyfed.org/3PQxVy7

Although business activity continued declining in the region’s service sector in May, the pace was much slower than in recent months. Employment inched higher for the first time since last summer. Firms’ expectations for future price increases remained elevated. nyfed.org/2ygXLUi

New York State manufacturing activity grew at its fastest pace in over four years in May. New orders and shipments rose strongly, and employment continued to increase. However, the pace of price increases surged while delivery times and supply availability worsened. nyfed.org/2T8gCbr

A new report, “Credit Insecurity and ALICE Households in the United States,” finds that one in ten people in the U.S. live in counties with a high proportion of low-income households and limited access to credit. Learn more and download: nyfed.org/4uD3Z7y

The report findings show that lower-income counties have higher rates of households with no revolving credit, such as credit cards, than higher-income counties. Learn more and download: nyfed.org/4uD3Z7y

As shown in this chart, recent defaulters are 2.5 years older on average compared before the pandemic. The data also reveals that more older borrowers, especially those over 50, are now defaulting, suggesting they are facing greater difficulty with payments than before.

Our Quarterly Report on Household Debt and Credit shows total household debt increased by $18 billion in Q1 2026, to $18.8 trillion. nyfed.org/3QVspKW

Our 2026 SCE Housing Survey results show the average perceived national mortgage rate decreased to 8.3% for today, 8.0% in one year, and 9.2% in three years. Explore the data: nyfed.org/2OmOOkd

Our April 2026 Survey of Consumer Expectations shows that households’ inflation expectations increased at the short-term horizon and remained unchanged at the medium- and longer-term horizons. nyfed.org/4cXb3pp

"Credit Insecurity and ALICE Households in the United States," examines access to credit for the 42% of U.S. households that struggle to afford necessities. The report finds that the low-income households struggle to access affordable credit. nyfed.org/4uD3Z7y