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 May 2 and May 9. Supplemental Survey Report focusing on supply chain disruptions to be released on May 20 at or shortly after 8:30 a.m. Download the full report |
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Activity edged higher in the region’s service sector, according to firms responding to the Federal Reserve Bank of New York’s May 2024 Business Leaders Survey. The survey’s headline business activity index climbed four points to 3.0, its highest reading in over a year. The business climate index, however, fell seven points to -25.6, suggesting the business climate remains worse than normal, and to a greater extent than last month. Employment inched just slightly higher, and wages increased at a similar pace to last month. Input price increases picked up slightly, while selling price increases held steady. Capital spending remained weak. Looking ahead, firms were less optimistic about future conditions, though the business climate is expected to be about normal in six months.
Activity Expands, Though Only to a Small Degree
Business activity grew slightly in the New York-Northern New Jersey region, according to the May survey. The headline business activity index rose four points to 3.0, which, while only slightly above zero, represented its highest reading in well over a year. Twenty-eight percent of respondents reported that conditions improved over the month and 25 percent said that conditions worsened. However, the business climate index fell seven points to -25.6, pointing to a worsening climate for regional firms. Employment Edges Up
The employment index inched up to 3.5, suggesting that employment levels were just slightly higher than last month. The wages index, unchanged at 33.2, indicated that wages increased at the same pace as in April. The prices paid index moved up four points to 57.6, pointing to a small pickup in input price increases, while the prices received index held steady at 22.4, suggesting selling price increases were similar to last month. The capital spending index came in at 2.5, a sign that capital spending remained sluggish. Optimism Subdued
The index for future business activity fell eleven points to 20.6, and the index for the future business climate fell nine points to 1.5, suggesting that firms were not very optimistic about future conditions. However, employment is expected to increase solidly 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 |