A monthly survey of service firms in New York State, northern New Jersey and southwestern Connecticut, conducted by the New York Fed.
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Note: Survey responses were collected between September 3 and September 10. Download the full report |
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Business activity held steady in the region’s service sector in September, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey’s headline business activity index came in at 0.5. The business climate index was little changed at -23.3, suggesting the business climate remains worse than normal. Employment grew only slightly, and wages increased at about the same pace as in recent months. Supply availability improved somewhat. Input price increases slowed, while selling price increases picked up. Capital spending continued to edge higher. Looking ahead, while firms were somewhat more positive about the outlook than last month, optimism remained subdued.
Activity Holds Steady
Business activity was little changed in the New York-Northern New Jersey region, according to the September survey. The headline business activity index came in at 0.5. Twenty-seven percent of respondents reported that conditions improved over the month and 26 percent said that conditions worsened. The business climate index was similar to last month at -23.3, pointing to an ongoing worsening in the business climate. Employment Growth Slows
The employment index fell for a second consecutive month, retreating four points to 3.1, a sign that employment growth was minor. The wages index came in at 35.4, a level similar to the prior few months, signaling that wage increases were steady. The prices paid index fell five points to 45.3, indicating input price increases moderated, while the prices received index rose seven points to 22.5, suggesting selling price increases picked up. The capital spending index was slightly positive at 3.7. Optimism Remains Subdued
The index for future business activity climbed seven points to 15.2, and the index for the future business climate climbed to -1.6, pointing to some improvement in optimism compared to last month, though optimism remained subdued. Modest increases in employment are expected in the months ahead. Contacts Tech help: nyrsf.webteam@ny.frb.org Questions about survey/data: richard.deitz@ny.frb.org or (716) 849-5025 |
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Latest Report including charts of diffusion indexes Historical Tables |
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All Data csv Data definitions 2 pages / 10 kb |
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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. Contacts |