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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 July 1 and July 9. Download the full report  |
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Business activity continued to surge in the region’s service sector, according to firms responding to the Federal Reserve Bank of New York’s July 2021 Business Leaders Survey. The survey’s headline business activity index came in at 41.7, little changed from last month’s record high. The business climate index rose six points to 6.5, indicating that for the first time since the pandemic began, firms generally viewed the business climate as better than normal for this time of year. Employment levels and wages continued to rise at a solid clip. Both the prices paid and prices received indexes remained quite elevated. Capital spending increased modestly for the first time in well over a year, and firms expected to increase capital spending significantly in the coming months. Looking ahead, firms expressed widespread optimism that conditions would improve, with the index for future employment holding near its record high.
Activity Continues to Expand Robustly
Business activity in the region’s service sector continued to increase substantially, according to the July survey. At 41.7, the headline business activity index held near last month’s record high. Fifty-four percent of respondents reported that conditions improved over the month, while 12 percent said that conditions worsened. The business climate index rose six points to 6.5, its first reading meaningfully above zero since January 2020, indicating that, on net, firms viewed the business climate as better than normal. Employment and Wages Continue to Rise
The employment index edged down three points to 16.8, a reading pointing to a moderate increase in employment levels. The wages index moved up four points to 41.8, signaling ongoing significant wage growth. Price indexes remained elevated: the prices paid index was down slightly to 68.1, and the prices received index increased six points to 32.1. The capital spending index moved up nine points to 10.9, pointing to a modest increase in capital spending. Firms Remain Optimistic about Future Conditions
The index for future business activity and the index for future business climate held near recent months’ record levels, pointing to widespread optimism about future conditions. The index for future employment held near its record high, with 57 percent of respondents expecting to increase employment in the months ahead. Wages and prices are expected to continue to rise significantly, and capital spending plans remained strong. Contacts Tech help: nyrsf.webteam@ny.frb.org Questions about survey/data: richard.deitz@ny.frb.org or (716) 849-5025; jason.bram@ny.frb.org or (212) 720-5651 |
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Historical Reports >>
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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 |
