Business Leaders Survey
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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The Federal Reserve Bank of New York’s October 2014 Business Leaders Survey indicates that growth picked up in the region’s service sector. The survey’s headline business activity index rose nine points to 10.2. The business climate index fell three points to -14.0, suggesting that on balance, respondents continued to view the business climate as worse than normal. The employment index was little changed at 13.3, pointing to a continued increase in employment levels, and the wages index fell six points to 28.1, indicating a slower pace of growth in wages this month. The prices paid index climbed eight points to 53.1, signaling a pickup in input price increases, while the prices received index fell six points to 11.7, pointing to a slower pace of selling price increases. Both the current and future capital spending indexes were higher, indicating a rise in capital spending and spending plans. Indexes for the six-month outlook suggested a somewhat lower degree of optimism about future conditions compared with the last several months.

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Charts of diffusion indexes (past 12 months) PDF

Historical Tables

Diffusion Indexes
txt | csv

Data definitions PDF 2 pages / 10 kb

All Data
txt | csv

Data definitions PDF 2 pages / 10 kb

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.

The survey is sent on the first business day of each month to the same pool of about 150 business executives, usually the president or CEO, in the region's service sector. In a typical month, about 100 responses are received by around the tenth of the month when the survey closes.

For demonstration only:
Sample survey PDF 3 pages / 44 kb

Respondents come from a wide range of industries outside of the manufacturing sector, with the mix of respondents closely resembling the industry structure of the region.

The survey's headline index, general business activity, is a distinct question posed on the survey (as opposed to a composite of responses to other questions). Currently, no indexes are seasonally adjusted since none of the series exhibits stable seasonal patterns from a statistical perspective.

Tech help:

Questions about survey/data: or (716) 849-5025; or (212) 720-5651

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