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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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Learn about the history of the New York Fed and central banking in the United States through articles, speeches, photos and video.
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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.
Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
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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 July 2 and July 10. Download the full report 
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Business activity in the region’s service sector grew for the first time in nearly two years in July, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey’s headline business activity index surged nineteen points to 8.7. The business climate index rose thirteen points to -24.0, suggesting the business climate remained worse than normal, but significantly less so than in recent months. Employment edged up slightly and wage growth slowed. Supply availability continued to worsen modestly. The pace of price increases remained elevated but eased slightly. Looking ahead, firms became more optimistic about business conditions over the next six months.
Activity Rebounds
Business activity picked up in the New York-Northern New Jersey region, according to the July survey. The headline business activity index jumped nineteen points to 8.7 – its highest reading since 2022. Thirty-four percent of respondents reported that conditions improved over the month while 25 percent said that conditions worsened. The business climate index rose thirteen points to -24.0, with 21 percent of respondents reporting a favorable business climate and 45 percent reporting an unfavorable climate. Employment Growth Modest
The employment index fell seven points to 4.3, suggesting employment continued to rise but at a slower pace than last month. The wages index declined five points to 30.7, indicating that wage growth moderated somewhat. The prices paid index fell six points to 66.7, signaling that input price increases remained elevated but eased from June’s pace. The prices received index edged down two points to 28.9, indicating a slight decline in selling price increases. The supply availability index was little changed at -9.7, suggesting supply availability continued to worsen somewhat. Firms More Optimistic
The index for future business activity rose fifteen points to 23.2, a sign that firms were considerably more optimistic about activity over the next six months. The index for the future business climate surged seventeen points to zero, suggesting that for the first time in well over a year, firms do not expect the business climate to worsen in the months ahead. Employment is expected to grow modestly. Supply availability is expected to continue to decline modestly. Capital spending plans remained subdued. 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 |
