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.


Beginning this month, the Supplemental Survey Report will be published every other month. The next report will be released in August.

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Activity in the region’s service sector showed little change, according to firms responding to the Federal Reserve Bank of New York’s July 2017 Business Leaders Survey. The survey’s headline business activity index edged down four points to -0.7. The business climate index remained negative at -13.2, signaling that respondents continued to view the business climate as worse than normal. The employment index climbed seven points to 9.6, pointing to an increase in employment levels, and the wages index rose five points to 32.4, suggesting that wages rose at a faster pace than last month. Price indexes were positive and little changed, indicating that both input prices and selling prices increased at about the same pace as in June. Capital spending grew modestly. Indexes assessing the six-month outlook suggested that firms were somewhat less optimistic about future business conditions than they were last month.

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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

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