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 April 2 and April 9. Download the full report |
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Activity remained steady in the region’s service sector, according to firms responding to the Federal Reserve Bank of New York’s April 2024 Business Leaders Survey. The survey’s headline business activity index was little changed at -0.6. The business climate index rose seven points to -19.0, suggesting the business climate remains worse than normal, though to a lesser extent than in recent months. Employment inched just slightly higher, and wage increases moderated. Input price increases were little changed, while selling price increases slowed modestly. Capital spending remained weak. Looking ahead, firms remained moderately optimistic about future conditions, with the business climate expected to be somewhat better than normal in six months.
Activity Little Changed
Business activity held steady for a second consecutive month in the New York-Northern New Jersey region, according to the April survey. The headline business activity index came in at -0.6. Twenty-seven percent of respondents reported that conditions improved over the month and 28 percent said that conditions worsened. The business climate index climbed seven points to -19.0, and while still negative, it represented the index’s highest reading in two years. Wage Increases Moderate
The employment index inched up to 2.3, suggesting that employment levels were just slightly higher than last month. The wages index fell eleven points to 33.3, indicating that wage increases moderated. The prices paid index held steady at 53.4, pointing to little change in the pace of input price increases, while the prices received index fell five points to 22.7, suggesting selling price increases slowed somewhat. The capital spending index came in at 4.0, indicating that capital spending remained soft. Conditions Expected to Improve
The index for future business activity was little changed at 31.3, while the index for the future business climate edged down to 10.2, suggesting that firms were somewhat optimistic about future conditions. Employment is expected to increase modestly in the months ahead, and future capital spending plans were weak. 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 |