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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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Download the full report 
Read this month's Supplemental Survey Report on debt, cash, and financing; minimum wage effects |
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Activity in the region’s service sector continued to grow modestly, according to firms responding to the Federal Reserve Bank of New York’s April 2019 Business Leaders Survey. The survey’s headline business activity index was little changed at 10.9. The business climate index hovered around zero again this month, edging up three points to 1.8, indicating that firms generally regarded the business climate as close to normal. Employment levels increased only slightly, while wage growth slowed but remained widespread. The pace of both input price increases and selling price increases slowed noticeably this month. Firms remained fairly optimistic about the six-month outlook.
Ongoing Modest Growth
Business activity in the region’s service sector expanded modestly in April. The headline business activity index was little changed at 10.9. Thirty-three percent of respondents reported that conditions improved over the month, while 22 percent said that conditions worsened. The business climate index hovered around zero for a fourth consecutive month, signaling that, on balance, firms viewed the business climate as close to normal. Price Increases Slow Noticeably
The prices paid index fell nine points to 48.2 and the prices received index declined eight points to 19.4, indicating that both input prices and selling prices increased at a slower pace than last month. The employment index decreased nine points to 4.8, signaling that employment levels increased only slightly. After reaching its highest level in a decade, the wages index fell eleven points to 43.4, suggesting wage growth slowed but remained widespread. The capital spending index edged down three points to 11.9, suggesting that capital spending slowed somewhat but continued to increase at a solid clip. Firms Remain Fairly Optimistic
Indexes assessing the six-month outlook indicated that firms remained fairly optimistic about future conditions. The index for future business activity edged up two points to 31.1, and the index for future business climate came in at 3.6. The indexes for future employment and wages were both positive and little changed from last month, while the index for planned capital spending fell six points to 21.3. 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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Historical Reports >>
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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 |
