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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Activity in the region’s service sector grew to a small degree, according to firms responding to the Federal Reserve Bank of New York’s April 2018 Business Leaders Survey. The survey’s headline business activity index fell seven points to 4.1, pointing to a slower pace of growth than in March. The business climate index moved down four points to 3.5, signaling that firms, on balance, regarded the business climate as somewhat better than normal. The employment index fell eight points to 10.1 and the wages index slipped four points to 39.2—indicating that both employment and wages continued to increase, though at a slower pace than last month. The prices paid index was little changed at 50.6, suggesting ongoing widespread input price increases, and the selling price index increased three points to reach another multiyear high. Indexes assessing the six-month outlook fell sharply, signaling that optimism about future conditions waned considerably.

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17  report PDF
16  report PDF
16  report PDF
17  report PDF

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Diffusion Indexes

Data definitions PDF 2 pages / 10 kb

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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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