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 January 2 and January 10. Download the full report |
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Business activity continued to contract slightly in the region’s service sector in January, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey’s headline business activity index was little changed at -5.6. The business climate index remained firmly negative at -21.8, suggesting the business climate remains worse than normal. Employment held steady, and wage increases picked up slightly. Supply availability improved somewhat. Input prices increased at about the same pace as last month, while selling price increases edged higher but still remained subdued. Looking ahead, firms remained optimistic that conditions would improve in the next six months.
Another Small Decline in Activity
Business activity fell slightly in the New York-Northern New Jersey region, according to the January survey. The headline business activity index held steady at -5.6. Twenty-two percent of respondents reported that conditions improved over the month and 28 percent said that conditions worsened. The business climate index remained negative at -21.8, pointing to an ongoing worsening business climate. Employment Holds Steady
The employment index came in at -1.5, suggesting employment levels were little changed. The wages index rose four points to 33.8, indicating that wage increases picked up slightly. The prices paid index was similar to last month at 48.5, a sign that input price increases were little changed. After falling to a multiyear low last month, the prices received index rose eight points to 19.4. Supply availability improved slightly. Optimism Continues to Grow
The index for future business activity climbed for a sixth consecutive month, edging up two points to 30.3, and the index for the future business climate remained positive at 13.2, with the two readings suggesting that firms expect activity to improve and the business climate to be better than normal in six months. A solid increase in employment is 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 |