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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 May 4 and May 10. Download the full report  Read this month's Supplemental Survey Report on effects of the coronavirus epidemic (2) |
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Activity in the region’s service sector continued to decline sharply, according to firms responding to the Federal Reserve Bank of New York’s May 2020 Business Leaders Survey. At -75.8, the survey’s headline business activity index was little changed from last month’s record low. The business climate index was also little changed, at -92.9, indicating that for a second consecutive month, firms were nearly universal in regarding the business climate as worse than normal. Employment levels and wages continued to decline. Input price increases remained modest, while selling prices continued to fall. Capital spending declined significantly. Looking ahead, firms were generally pessimistic about the six-month outlook, though much less so than in April.
Business Conditions Continue to Deteriorate
Business activity in the region’s service sector continued to plunge in April. After recording a historic decline last month, the headline business activity index remained near its record low at -75.8. Eighty-two percent of respondents reported that conditions worsened over the month, while 6 percent said that conditions improved. The business climate index was little changed at -92.9, indicating that nearly all firms again viewed the business climate as worse than normal. Employment Levels Fall Further
After tumbling 44 points last month, the employment index declined another fifteen points to -53.5, pointing to further employment cuts in May. The wages index remained below zero, sinking to -18.9, a sign that wages fell at a faster pace. The prices paid index edged up to 13.3, suggesting that while input price increases were somewhat steeper than last month, such increases remained modest. The prices received index fell seven points to -19.8, signaling an ongoing significant decline in selling prices. The capital spending index fell fifteen points to -47.7, suggesting a steep decline in capital spending. Firms Less Pessimistic Than Last Month
Firms were less pessimistic about the six-month outlook than they were last month. The indexes for future business activity and future business climate both climbed substantially, but remained somewhat below zero. The indexes for future employment and future wages rose just above zero, suggesting that firms expect employment levels and wages to be slightly higher in six months. Selling prices and capital spending are expected to continue to decline 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 |
