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 March 2014 Business Leaders Survey indicates that activity in the region’s service sector was little changed. After falling sharply in February, the survey’s headline business activity index recovered some of the ground it lost, but remained negative at -2.4. The business climate index rose seven points, holding firmly in negative territory at -21.8, suggesting that on balance, respondents continued to view the business climate as worse than normal. The employment index fell to 1.7, a sign that employment levels were little changed, and the wages index held steady at 36.9. The prices paid index rose four points to 55.7, indicating a pickup in input price increases, and the prices received index inched up to 16.5. The current and future capital spending indexes suggested an expansion in capital spending plans, with respondents remaining quite optimistic about the six-month outlook.

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16 report PDF
19 report PDF
18 report PDF

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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