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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 December 2 and December 9. Download the full report  Read this month's Supplemental Survey Report on prices paid and workforce changes |
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Activity in the region’s service sector declined at its fastest pace since June, according to firms responding to the Federal Reserve Bank of New York’s December 2020 Business Leaders Survey. The survey’s headline business activity index fell eleven points to -26.9. The business climate index was little changed at -60.3, indicating that the vast majority of firms continued to view the business climate as worse than normal. Employment levels declined, and wages increased at a slower pace than last month. Input prices increased at about the same pace as in November, while selling prices held steady. Capital spending fell for a ninth consecutive month. Looking ahead, firms expect little improvement in business conditions over the next six months.
Conditions Continue to Weaken
Business activity in the region’s service sector declined for a tenth consecutive month. After falling eleven points last month, the headline business activity index fell another eleven points to -26.9, its lowest reading in six months. Eighteen percent of respondents reported that conditions improved over the month, while 44 percent said that conditions worsened. The business climate index was similar to last month’s reading, at -60.3, with 72 percent of respondents viewing the business climate as worse than normal. Employment Shrinks
The employment index moved down eight points to -11.7, indicating that employment levels dropped. The wages index declined six points to 11.2, suggesting wages increased at a slower pace than in November. The prices paid index was little changed at 33.0, indicating that input prices increased at about the same pace as last month, while the prices received index remained around zero, a sign that selling prices held steady. The capital spending index came in at -19.2, suggesting ongoing significant declines in capital spending. Firms Still Not Expecting Much Improvement
The index for future business activity edged up to 4.7, and the future business climate index came in at zero, signaling that firms expect little if any improvement in conditions over the next six months. Employment levels are expected to edge only slightly higher, on net, though wages are expected to increase. 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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Released at 8:30 a.m.
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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 |
