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The mission of the Applied Macroeconomics and Econometrics Center (AMEC) is to provide intellectual leadership in the central banking community in the fields of macro and applied econometrics.
The Center for Microeconomic Data offers wide-ranging data and analysis on the finances and economic expectations of U.S. households.
The monthly Empire State Manufacturing Survey tracks the sentiment of New York State manufacturing executives regarding business conditions.
This ongoing Liberty Street Economics series analyzes disparities in economic and policy outcomes by race, gender, age, region, income, and other factors.
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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.
The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
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The New York Fed provides a wide range of payment services for financial institutions and the U.S. government.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.
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We are connecting emerging solutions with funding in three areas—health, household financial stability, and climate—to improve life for underserved communities. Learn more by reading our strategy.
The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
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.
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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 November 2 and November 9. Download the full report  Read this month's Supplemental Survey Report on Firms Struggling to Expand Workforce |
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Activity continued to decline in the region’s service sector, according to firms responding to the Federal Reserve Bank of New York’s November 2022 Business Leaders Survey. The survey’s headline business activity index moved up four points but remained below zero at -11.8, its third negative reading in the past four months. The business climate index edged down to -43.6. Despite the decline in activity, employment continued to expand. The wages index, while elevated, fell to its lowest level in more than a year, pointing to a slowing of wage growth. The pace of input price increases was little changed, while the pace of selling price increases slowed somewhat. Looking ahead, firms grew more pessimistic about the six-month outlook.
Activity Continues to Contract
Like last month, business activity declined in the region’s service sector, according to the November survey. The headline business activity index edged up four points but remained negative at -11.8. Twenty-five percent of respondents reported that conditions improved over the month and thirty-seven percent said that conditions worsened. The business climate index edged down two points to -43.6, with 58 percent of respondents viewing the business climate as worse than normal. Employment Expands Despite Decline in Activity
The employment index inched up to 14.9, pointing to solid employment growth despite the decline in overall activity. In a significant decline, the wages index fell eleven points to 46.8, indicating a slowing of wage growth. The prices paid index held steady at 79.3, signaling ongoing significant input price increases, and the prices received index moved down six points to 33.7, its lowest level in more than a year. Capital spending edged higher. Firms Remain Pessimistic
Conditions are expected to continue to worsen over the next six months. The index for future business activity fell seven points to -14.4, its lowest level since early 2020, and the index for the future business climate fell four points to -34.2. Employment is expected to grow in the months ahead, though hiring plans appeared to weaken, and wage and price increases are expected to remain widespread. 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 |
