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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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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 October 2 and October 9. Download the full report 
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Business activity was little changed in the region’s service sector in October, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey’s headline business activity index continued to hover around zero, coming in at -2.2. The business climate index edged down to -26.0, suggesting the business climate remains worse than normal. Employment continued to grow slightly, and wage increases moderated. Supply availability was steady. Input price increases were just slightly higher than last month, while selling price increases were somewhat lower. Capital spending picked up but remained modest. Looking ahead, firms remained somewhat positive that conditions would improve in the months ahead, but optimism remained subdued.
Activity Continues to Hold Steady
As has been the case in recent months, business activity was little changed in the New York-Northern New Jersey region, according to the October survey. The headline business activity index edged down to -2.2. Twenty-eight percent of respondents reported that conditions improved over the month and 30 percent said that conditions worsened. The business climate index was similar to last month at -26.0, pointing to an ongoing worsening business climate. Employment Growth Remains Sluggish
The employment index held steady at 4.4, a sign that employment grew, but only to a small degree. The wages index fell seven points to 28.3, its lowest level in nearly a year, indicating that wage increases slowed. The prices paid index edged up three points to 47.8, indicating input price increases were slightly stronger than last month, while the prices received index fell four points to 19.0, suggesting selling price increases slowed somewhat. The capital spending index picked up several points to 8.9, indicating that capital spending grew modestly. Optimism Remains Subdued
The index for future business activity edged up two points to 17.3, and the index for the future business climate index climbed seven points to 4.9, its first positive reading in several months, the two readings pointing to some improvement in optimism compared to last month, though optimism remained subdued. Modest increases in employment are expected 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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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 |
