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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
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We are connecting emerging solutions with funding in three areas—health, household financial stability, and climate—to improve life for underserved communities. Learn more by reading our strategy.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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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 November 4 and November 12. Download the full report 
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Business activity was little changed in the region’s service sector in November, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey’s headline business activity index continued to hover around zero, coming in at -0.5. The business climate index remained firmly negative at -21.5, suggesting the business climate remains worse than normal. Employment continued to grow slightly, and wages increased at about the same pace as last month. Supply availability improved somewhat. Price increases were slightly lower than last month. Capital spending remained modest. Looking ahead, firms continued to grow more optimistic that conditions would improve in the months ahead.
Little Change in Activity
As has been the case for much of the past year, business activity held steady in the New York-Northern New Jersey region, according to the November survey. The headline business activity index edged up to -0.5. Twenty-eight percent of respondents reported that conditions improved over the month and 28 percent said that conditions worsened. The business climate index was slightly higher than last month but remained negative at -21.5, pointing to an ongoing worsening business climate. Employment Growth Remains Modest
The employment index held steady at 5.1, pointing to a small increase in employment levels. After falling to its lowest level in a year last month, the wages index was little changed at 29.7, indicating that wages increased at about the same pace as in October. The prices paid index edged down two points to 46.2, and the prices received index also fell two points to 16.8, suggesting price increases slowed slightly. The capital spending index came in at 5.7, indicating that capital spending grew modestly. The supply availability index edged up to 2.6, a sign that supply availability improved somewhat. Optimism Continues to Grow
The index for future business activity moved up six points to 23.7, and the index for the future business climate advanced thirteen points to 17.5, suggesting firms expect activity to improve and the business climate to be better than normal in six months. A modest increase in employment is also 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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Historical Reports >>
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Latest Report including charts of diffusion indexes Historical Tables |
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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 |
