Business Leaders Survey

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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Read this month's Supplemental Survey Report on outlook for the second half of 2019
Growth in the region’s service sector slowed considerably, according to firms responding to the Federal Reserve Bank of New York’s June 2019 Business Leaders Survey. The survey’s headline business activity index fell fifteen points to 5.8, its lowest level since January. The business climate index fell to -1.2, its near zero value indicating that, on balance, firms regarded the business climate as normal. Employment levels increased modestly, and wage increases were slightly more widespread than last month. Both the prices paid and prices received indexes moved lower, pointing to a slower pace of price increases than in May. Optimism waned, with the index for future business climate falling well below zero.

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Latest Report including charts of diffusion indexes PDF

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Diffusion Indexes

Data definitions PDF 2 pages / 10 kb

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Data definitions PDF 2 pages / 10 kb

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.

The survey is sent on the first business day of each month to the same pool of about 150 business executives, usually the president or CEO, in the region's service sector. In a typical month, about 100 responses are received by around the tenth of the month when the survey closes.

For demonstration only:
Sample survey PDF 3 pages / 44 kb

Respondents come from a wide range of industries outside of the manufacturing sector, with the mix of respondents closely resembling the industry structure of the region.

The survey's headline index, general business activity, is a distinct question posed on the survey (as opposed to a composite of responses to other questions). Currently, no indexes are seasonally adjusted since none of the series exhibits stable seasonal patterns from a statistical perspective.

Tech help:

Questions about survey/data: or (716) 849-5025; or (212) 720-5651

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