02:43 PM EDT, 08/18/2025 (MT Newswires) -- The New York Federal Reserve's monthly business leaders index, the first measure of services conditions for the month, fell to minus 11.7 in August from minus 9.3 in July, indicating a faster pace of contraction.

Other services data will be released over the coming weeks.

The National Association of Home Builders Housing Market Index fell to 32 in August from 33 in July and was down from a reading of 39 a year ago.

"Housing affordability is central to the outlook for economic growth and inflation," said NAHB Chief Economist Robert Dietz, who encouraged the Federal Open Market Committee to lower interest rates to reduce home building costs and stimulate home buying.