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Supplemental Survey Report

This report summarizes responses to topical questions posed periodically in the New York Fed’s Empire State Manufacturing Survey and Business Leaders Survey.

February 2023: Wages Up 5-6 Percent in the Past Year; Gains Expected to Moderate over the Next Year
Responding to special labor market questions in February’s regional surveys, service firms reported a median rise in worker pay over the last year of 5.0 percent, while manufacturers reported a median rise of 6.0 percent. Those increases that were considerably steeper than before and during the pandemic. The average expected change in wages was projected to slow to just over 3 percent over the twelve months ahead for both service and manufacturing firms.

Read the full report for more on recent and projected changes in wages, firms’ assessment of minimum wage effects, and the prevalence of job openings.

Related Reading
Additional research and data from our Regional team:
Regional Economy



February Expected Changes in Workforce and Wages; Minimum Wage Effects
Wages Up 5-6 Percent in the Past Year; Gains Expected to Moderate over the Next Year


December Selling Prices, Input Prices, and Overall Inflation
Businesses Foresee Inflation Moderating Next Year
November Workforce Issues
Firms Struggling to Expand Workforce
August Trends in Remote Work
Service Sector Businesses See Remote Work Persisting

Related reading: Liberty Street Economics post
May Expected Selling Prices and Overall Inflation
Businesses See Inflation Moderating after Next Year

Related reading: Liberty Street Economics post
February Labor and Supply Shortages, Absenteeism, and Minimum Wage
Businesses Hampered by Supply Disruptions, Labor Shortages, and Absenteeism

Related reading: Liberty Street Economics post


December Prices Paid and Supply Disruptions
Businesses Report Sharp Acceleration in Most Costs
November Supply Chain and Workforce Issues
Supply Disruptions Seen Worsening; Firms Struggling to Expand Workforce
October Supply Disruptions
Supply Disruptions Taking a Toll on Many Businesses

Related reading: Liberty Street Economics post
August Difficulties in Filling Job Openings
Most Businesses Having Difficulty Filling Job Openings
June Sales Activity, Employment Levels, and Remote Work
Businesses Expect a Strong Half of 2021 and More Remote Working after the Pandemic
April Business Revenues, Constraints, and Wages
Business Revenues Seen Rebounding When Conditions Return to Normal

Related reading: Liberty Street Economics post
February Minimum Wage Effects and Supply Disruptions
Manufacturers Report More Unfilled Jobs, Note Fairly Widespread Supply Disruptions

Past Supplemental Survey Reports, 2014-20
Predecessor Reports (supplementing Empire survey only), 2008-13
About Supplemental Survey Report
The New York Fed’s core regional surveys query manufacturing and service sector firms on issues affecting their businesses. A Supplemental Survey Report now publishes four times per year.

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