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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 March 2 and March 9. Download the full report 
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Business activity continued to decline significantly in the region’s service sector in March, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey’s headline business activity index was little changed at -22.6. The business climate index fell five points to -46.2, suggesting the business climate remained much worse than normal. Employment fell for a seventh consecutive month. Supply availability worsened. The pace of both input price increases and selling price increases was again little-changed and remained elevated. Looking ahead, firms were less optimistic about the outlook.
Conditions Continue to Deteriorate
Business activity continued to fall substantially in the New York-Northern New Jersey region, according to the March survey. The headline business activity index remained well below zero at -22.6. Nineteen percent of respondents reported that conditions improved over the month while 42 percent said that conditions worsened. The business climate index fell five points to -46.2, with 56 percent of respondents reporting an unfavorable business climate. Employment Contracts
The employment index came in at -8.5, its seventh consecutive negative reading, suggesting employment continued to fall. The wages index edged down to 33.7. The prices paid index held steady at 62.5, and the prices received index was similar to last month at 28.8, pointing to little change in the pace of both input and selling price increases. The supply availability index dipped three points to -12.6, suggesting supply availability worsened. Firms Only Somewhat Optimistic
The index for future business activity fell five points to 12.7, signaling that firms expect only a small pickup in activity over the next six months. Employment is expected to grow modestly. Firms’ expectations for future price increases picked up significantly, and supply availability is expected to worsen. Firms planned modest increases in capital spending. 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 |
