Business Leaders Survey

A monthly survey of service firms in New York State, northern New Jersey and southwestern Connecticut, conducted by the New York Fed.


Download the full report pdf
Read this month's Supplemental Survey Report on Debt, cash, and financing; minimum wage effects

Activity in the region’s service sector expanded slightly, according to firms responding to the Federal Reserve Bank of New York’s March 2017 Business Leaders Survey. The survey’s headline business activity index edged down four points to 3.2. The business climate index came in at zero, signaling that respondents viewed the business climate as about normal. The employment index fell ten points to 10.1, indicating a modest increase in employment levels. The wages index moved up for a second consecutive month, suggesting that wage increases continued to accelerate. The prices paid index moved down to 44.9, pointing to a somewhat slower pace of input price increases, while the prices received index rose to 17.9, a multiyear high, indicating that selling price increases picked up. Indexes assessing the six-month outlook suggested that firms continued to express widespread optimism about future business conditions, with the index for future business activity rising to its highest level in two years.

More »

Released at 8:30 a.m.



18  report PDF
16   report PDF
16  report PDF

Historical Reports >>

Charts of diffusion indexes (past 12 months) PDF

Historical Tables

Diffusion Indexes

Data definitions PDF 2 pages / 10 kb

All Data

Data definitions PDF 2 pages / 10 kb

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.

The survey is sent on the first business day of each month to the same pool of about 150 business executives, usually the president or CEO, in the region's service sector. In a typical month, about 100 responses are received by around the tenth of the month when the survey closes.

For demonstration only:
Sample survey PDF 3 pages / 44 kb

Respondents come from a wide range of industries outside of the manufacturing sector, with the mix of respondents closely resembling the industry structure of the region.

The survey's headline index, general business activity, is a distinct question posed on the survey (as opposed to a composite of responses to other questions). Currently, no indexes are seasonally adjusted since none of the series exhibits stable seasonal patterns from a statistical perspective.

Tech help:

Questions about survey/data: or (716) 849-5025; or (212) 720-5651

Related New York Fed Content