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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 September 5 and September 12. Download the full report  |
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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.
Activity Edges Lower
Business activity declined slightly, according to the September survey. The headline business activity index fell four points to -3.0. Twenty-seven percent of respondents reported that conditions improved over the month and thirty percent said that conditions worsened. The business climate index slipped three points to -27.4, a sign that the business climate remains worse than normal. Employment Continues to Inch Up
The employment index fell two points but remained positive at 3.6, pointing to a small increase in employment levels. The wages index moved up two points to 41.2, suggesting a slight pickup in wage increases. The prices paid index held steady at 56.4, a sign that input prices increased at the same pace as last month, while the prices received index retreated four points to 20.7, pointing to some slowing in selling price increases. The capital spending index climbed to 6.1, indicating a modest increase in capital expenditures. Optimism Wanes
The index for future business activity fell seven points to 13.9, and the index for the future business climate dipped five points to -1.2, suggesting that firms were less optimistic about the six-month outlook. Employment is expected to grow modestly in the months ahead, and about half of respondents expect to raise wages. 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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| 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 |
