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 4 and March 11. Download the full report |
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Activity held steady in the region’s service sector, according to firms responding to the Federal Reserve Bank of New York’s March 2024 Business Leaders Survey. The survey’s headline business activity index climbed eight points to 0.6, its highest level in several months. The business climate index was little changed at -26.4, suggesting the business climate remains worse than normal. Employment held steady, and wage increases moderated to a small degree. Input and selling price increases picked up somewhat. Capital spending was flat. Looking ahead, firms remained moderately optimistic about future conditions, with the business climate expected to be better than normal in six months.
Activity Steadies
After declining for the prior six months, business activity stabilized in the New York-Northern New Jersey region, according to the March survey. The headline business activity index climbed eight points to 0.6. Thirty percent of respondents reported that conditions improved over the month and 30 percent said that conditions worsened. The business climate index edged down two points to -26.4, suggesting that the business climate remains worse than normal. Employment Flat
The employment index held at a level of around zero, signaling that employment levels held steady. The wages index edged down three points to 43.8, indicating wage increases moderated slightly. The prices paid index rose five points to 55.1 and the prices received index climbed three points to 27.8, with the two upticks pointing to a modest pickup in the pace of input and selling price increases. The capital spending index fell to -0.6. Conditions Expected to Improve
The index for future business activity was little changed at 29.8, and the index for the future business climate held steady at 13.6, suggesting that firms were fairly optimistic about future conditions. Employment is expected to increase modestly in the months ahead. 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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Latest Report including charts of diffusion indexes Historical Tables |
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All Data csv Data definitions 2 pages / 10 kb |
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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 |