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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 April 2 and April 9. Download the full report  Read this month's Supplemental Survey Report on Business revenues, constraints and wages |
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Business activity expanded in the region’s service sector for the first time since the pandemic began, according to firms responding to the Federal Reserve Bank of New York’s April 2021 Business Leaders Survey. The survey’s headline business activity index surged thirty-five points to 30.2. The business climate index increased twenty-five points to -25.6, indicating that firms continued to view the business climate as worse than normal, but much less extensively than in recent months. Employment levels moved higher for the first time in over a year, and wages continued to increase moderately. Input price increases remained significant in April, and selling price increases picked up yet again. Capital spending leveled off after falling for the prior twelve months, and capital spending plans over the next six months picked up. Looking ahead, firms expressed widespread optimism that conditions would improve, with the future employment index reaching a record high.
Activity Expands for First Time Since Pandemic Began
Business activity in the region’s service sector increased in April for the first time since February of last year. The headline business activity index shot up thirty-five points to 30.2. Forty-seven percent of respondents reported that conditions improved over the month, while 17 percent said that conditions worsened. The business climate index rose twenty-five points to -25.6, with about half of respondents viewing the business climate as worse than normal but a quarter saying the business climate was better than normal. Employment Increases
The employment index rose fifteen points to 7.5, its first positive reading since the pandemic began, pointing to a modest increase in employment levels. The wages index was little changed at 31.9, signaling ongoing moderate wage increases. As in recent months, price increases remained significant. The prices paid index held steady at 55.0, its highest level in two years, and the prices received index rose four points to 18.7. The capital spending index rose to 1.3, suggesting that capital spending held steady. Widespread Optimism about Future Conditions
The indexes for future business activity and future business climate both advanced to record levels, pointing to widespread optimism about future conditions. The index for future employment rose to 47.6, also a record high. Wages and prices are expected to continue to rise, and firms expect to increase capital spending 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; jason.bram@ny.frb.org or (212) 720-5651 |
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Historical Reports >>
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Latest Report including charts of diffusion indexes Historical Tables |
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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 |
