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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.
Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
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The New York Fed provides a wide range of payment services for financial institutions and the U.S. government.
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The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.
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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 2 and November 9. Download the full report  Read this month's Supplemental Survey Report on firms expect continued hiring, but at a slower pace. |
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Activity continued to decline in the region’s service sector, though at a slower pace than last month, according to firms responding to the Federal Reserve Bank of New York’s November 2023 Business Leaders Survey. The survey’s headline business activity index rose seven points to -11.9. The business climate index was little changed at -37.1, suggesting the business climate remains much worse than normal. Despite the decline in activity, employment grew slightly, while wage increases slowed. Input prices and selling prices increased at about the same pace as last month. Looking ahead, firms were not optimistic that conditions would improve over the next six months.
Activity Continues to Decline
Business activity continued to contract, according to the November survey. The headline business activity index climbed seven points but remained negative at -11.9. Twenty-one percent of respondents reported that conditions improved over the month and 33 percent said that conditions worsened. The business climate index held steady at -37.1, suggesting that the business climate remains considerably worse than normal. Wage Increases Slow
The employment index edged down five points to 3.8, pointing to a slight increase in employment. The wages index moved down eight points to 31.6, a sign that wage increases slowed. Both the prices paid and prices received indexes were little changed, indicating that input prices and selling prices increased at about the same pace as last month. At 8.9, the capital spending index signaled a modest increase in capital expenditures. Firms Don’t Expect Much Improvement
The index for future business activity was unchanged at 1.9, its near-zero reading indicating that firms do not expect activity to increase over the next six months. The index for the future business climate came in at -17.0, suggesting the business climate is expected to remain worse than normal. However, employment is expected to grow modestly 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 |
