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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 February 2 and February 9. Download the full report 
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Business activity continued to decline significantly in the region’s service sector in February, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey’s headline business activity index fell ten points to -25.7. The business climate index dropped seven points to -41.7, suggesting the business climate remained much worse than normal. Employment fell for a sixth consecutive month, and wage growth continued to pick up. Supply availability worsened. The pace of both input price increases and selling price increases was little changed, but remained elevated. Looking ahead, firms became more optimistic about the outlook, with 40 percent of respondents expecting conditions to improve over the next six months.
Contraction Continues
Business activity continued to fall substantially in the New York-Northern New Jersey region, according to the February survey. The headline business activity index slipped ten points to -25.7. Seventeen percent of respondents reported that conditions improved over the month while 43 percent said that conditions worsened. The business climate index remained well below zero at -41.7, with just over half of respondents reporting an unfavorable business climate. Employment Shrinks for a Sixth Month
The employment index moved down four points to -9.7, its sixth consecutive negative reading, suggesting employment continued to drop. The wages index climbed seven points to 37.4. The prices paid index held steady at 62.6, and the prices received index was stable at 29.9, pointing to little change in the pace of both input and selling price increases. The supply availability index dipped six points to -9.2, suggesting supply availability worsened modestly. Firms Become More Optimistic
The index for future business activity rose five points to 17.5, signaling that firms anticipate a modest pickup in activity over the next six months. Employment is expected to grow. Firms continue to expect price increases in the months ahead, but those expectations were at their lowest level in over a year. 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 |
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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 |
