Business Leaders Survey

A monthly survey of service firms in New York State, northern New Jersey and southwestern Connecticut, conducted by the New York Fed.


Note: Survey responses were collected between September 5 and September 12.

Download the full report pdf
Activity declined slightly in the region’s service sector, according to firms responding to the Federal Reserve Bank of New York’s September 2023 Business Leaders Survey. The survey’s headline business activity index edged down four points to -3.0. The business climate index fell three points to -27.4, suggesting the business climate remains worse than normal. Employment continued to increase slightly, and wages grew just a touch faster than last month. The pace of input price increases was little changed, while selling price increases slowed somewhat. Looking ahead, firms were not particularly optimistic, with just over a third expecting conditions to improve over the next six months.

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Released at or shortly after 8:30 a.m.


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Historical Reports >>

Latest Report including charts of diffusion indexes PDF

Historical Tables

Diffusion Indexes

Data definitions PDF 2 pages / 10 kb

All Data

Data definitions PDF 2 pages / 10 kb

The Business Leaders Survey is a monthly survey conducted by the Federal Reserve Bank of New York that asks companies across its District - which includes New York State, Northern New Jersey, and Fairfield County, Connecticut - about recent and expected trends in key business indicators. This survey is designed to parallel the Empire State Manufacturing Survey, though it covers a wider geography and the questions are slightly different. Participants from the service sector respond to a questionnaire and report on a variety of indicators, both in terms of recent and expected changes. While January 2014 is the first published report, survey responses date back to September of 2004 and all historical data are available on our website.

The survey is sent on the first business day of each month to the same pool of about 150 business executives, usually the president or CEO, in the region's service sector. In a typical month, about 100 responses are received by around the tenth of the month when the survey closes.

For demonstration only:
Sample survey PDF 3 pages / 44 kb

Respondents come from a wide range of industries outside of the manufacturing sector, with the mix of respondents closely resembling the industry structure of the region.

The survey's headline index, general business activity, is a distinct question posed on the survey (as opposed to a composite of responses to other questions). Currently, no indexes are seasonally adjusted since none of the series exhibits stable seasonal patterns from a statistical perspective.

Tech help:

Questions about survey/data: or (716) 849-5025

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