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The Teller Window is a publication featuring expert knowledge and insight from the New York Fed, including thoughts and perspectives from senior leaders.
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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.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
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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 June 2 and June 9. Download the full report 
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Business activity continued to decline modestly in the region's service sector in June, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey's headline business activity index fell four points to -10.1. The business climate index rose ten points to -37.3, suggesting the business climate was still worse than normal, but less so than last month. Employment rose at the fastest pace in nearly two years, and wage growth picked up. Supply availability continued to worsen, and the pace of input price increases and selling price increases remained elevated. Looking ahead, firms were not very optimistic about the outlook for the next six months.
Activity Declines Modestly
Business activity continued to decline in the New York-Northern New Jersey region, according to the June survey. The headline business activity index fell four points to -10.1. Twenty-seven percent of respondents reported that conditions improved over the month while 37 percent said that conditions worsened. The business climate index remained deeply negative, but moved up ten points to -37.3, with 15 percent of respondents reporting a favorable business climate and 53 percent reporting an unfavorable climate. Employment Growth Picks Up
The employment index jumped nine points to 11.2, its highest level in nearly two years, suggesting employment levels rose notably. The wages index rose ten points to 36.0, indicating that wage growth picked up. The prices paid index held steady at 72.6, signaling that input prices continued to increase sharply, and the prices received index was little changed at 31.3, a sign that selling price increases also remained elevated. The supply availability index rose five points to -10.6, indicating that supply availability continued to worsen, though less so than last month. Firms Not Very Optimistic
The index for future business activity was little changed at 8.3, suggesting that firms expect only modest growth in activity over the next six months. Employment is expected to move higher in the months ahead. Firms' expectations for future input price increases declined notably. Supply availability is expected to continue to worsen, and capital spending plans remained soft. 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 csv Data definitions 2 pages / 10 kb
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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 |
