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.


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Read this month's Supplemental Survey Report on Outlook for second half of 2016

The Federal Reserve Bank of New York's July 2016 Business Leaders Survey  indicates that activity in the region’s service sector expanded modestly. The survey’s headline business activity index edged up two points to 5.4. The business climate index was little changed at -19.7, signaling that respondents generally continued to view the business climate as worse than normal. The employment index rose four points to 9.2, suggesting that employment levels increased, and the wages index fell four points to 32.2, suggesting wage increases were slightly less widespread. The prices paid index held steady at 35.5, marking a continued rise in input prices at the same pace as last month, while the prices received index fell three points to 6.1, pointing to a slight deceleration in selling price increases. Indexes assessing the six-month outlook moved lower for a fourth consecutive month, suggesting that optimism about future business conditions continued to wane.

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18 report PDF

Historical Reports >>

Charts of diffusion indexes (past 12 months) PDF

Historical Tables

Diffusion Indexes
txt | csv

Data definitions PDF 2 pages / 10 kb

All Data
txt | csv

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

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