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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 September 2 and September 9. Download the full report  |
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Activity in the region’s service sector declined modestly, according to firms responding to the Federal Reserve Bank of New York’s September 2020 Business Leaders Survey. The survey’s headline business activity index rose twelve points to -5.4, pointing to a slower pace of decline than in August. The business climate index rose eight points to -66.5, indicating that firms viewed the business climate as worse than normal, though to a somewhat lesser extent than last month. Employment levels continued to decline, though only modestly, and wages were higher. Input prices increased at the same pace as last month, while selling prices stabilized. Capital spending fell for a sixth consecutive month. Looking ahead, firms were just slightly optimistic about the six-month outlook, on net, and expected the business climate to remain worse than normal in the months ahead.
Conditions Remain Weak
Business activity in the region’s service sector continued to decline in September, though conditions were not as weak as last month. The headline business activity index climbed twelve points to -5.4. Thirty percent of respondents reported that conditions improved over the month, and 35 percent said that conditions worsened. The business climate index rose eight points to -66.5, with 76 percent of respondents viewing the business climate as worse than normal. Wages Pick Up, Selling Prices Stabilize
Employment levels fell, though the pace of decline continued to abate, with the employment index increasing six points to -7.8. The wages index rose to 7.4, its second consecutive positive reading, signaling a small increase in wages. The prices paid index held steady at 28.6, indicating that input prices increased at the same pace as last month. The prices received index climbed to a level of around zero, marking the first time since March that the index was not negative. The capital spending index was little changed at -25.0, suggesting ongoing significant declines in capital spending. Firms Not Expecting Much Improvement
The index for future business activity climbed into positive territory, rising ten points to 6.8, while the future business climate index remained negative at -5.4; taken together, these readings suggest that firms do not expect much improvement in the months ahead. Employment levels are expected to hold steady, while wages are expected to increase. Firms anticipate lower capital spending in the coming months. 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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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 |
