By Women Who Influence | The Influence
A slower regional economy does not arrive at every business at the same time. One owner may see fewer bookings while another remains busy but earns less on each sale. October’s service-sector survey from the Federal Reserve Bank of New York gives owners a reason to examine both sides of that equation.
What the survey says
The New York Fed’s October 2026 Business Leaders Survey reported a business activity index of -20.7, down twelve points. Respondents reported sharp input-price increases, while selling-price increases accelerated. Employment was steady. Responses were collected October 2–9 from service firms in the region covering New York State, northern New Jersey and southwestern Connecticut.
This is a survey of participating firms’ reported conditions. Its index is not a percentage decline in sales, and it does not describe every neighborhood, industry or small business.
Separate demand from profitability
Our perspective: an owner’s most useful response is to look beneath total revenue. A business can maintain sales through higher prices while losing transactions. It can also gain customers while spending more to serve them. Those patterns call for different decisions.
At the next operating review, compare inquiries, completed purchases and repeat customers with the same period last year where records allow. Then examine the amount left after direct delivery costs. If demand is steady but that amount is shrinking, review supplier terms, product mix and the work included in each sale before assuming the answer is more advertising.
Listen before changing the offer
For a service business, canceled appointments, slower approvals and requests for smaller packages can reveal changes that monthly revenue totals conceal. Ask customers which part of the offer matters most and where the buying process becomes difficult. Record the answers rather than relying on one memorable conversation.
The regional survey provides context. The owner’s own evidence should shape the next move. For more local context, read our New York economic outlook.
Source: Federal Reserve Bank of New York, October 2026 Business Leaders Survey. The business-review suggestions above are The Influence’s analysis.
