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Supplemental Survey Report

This report summarizes responses to topical questions posed periodically in the New York Fed’s Empire State Manufacturing Survey and Business Leaders Survey.

May 2023: Businesses Report Only Minor Deterioration in Recent Credit Conditions, but Remain Cautious in the Near Term
Special questions for panelists responding to the May regional surveys focused on past and projected changes in access to credit. Among the findings, about 20 percent of firms in both the manufacturing and service sectors reported worsening conditions over the last three months (since February), though this was very similar to the share reporting conditions had worsened in the three months prior (November to January). These readings suggest little change in credit availability trends over the past several months, on average. Firms were also queried on what actions they were taking in response to changes in credit availability and answered questions geared toward assessing their exposure to interest rate risk.

Read the full report entitled “Businesses Report Only Minor Deterioration in Recent Credit Conditions, but Remain Cautious in the Near Term.”


Related Reading
Additional research and data from our Regional team:
Regional Economy

Reports

2023

May Credit Access and Credit Conditions
Businesses Report Only Minor Deterioration in Recent Credit Conditions, but Remain Cautious in the Near Term
February Expected Changes in Workforce and Wages; Minimum Wage Effects
Wages Up 5-6 Percent in the Past Year; Gains Expected to Moderate over the Next Year

2022

December Selling Prices, Input Prices, and Overall Inflation
Businesses Foresee Inflation Moderating Next Year
November Workforce Issues
Firms Struggling to Expand Workforce
August Trends in Remote Work
Service Sector Businesses See Remote Work Persisting

Related reading: Liberty Street Economics post
May Expected Selling Prices and Overall Inflation
Businesses See Inflation Moderating after Next Year

Related reading: Liberty Street Economics post
February Labor and Supply Shortages, Absenteeism, and Minimum Wage
Businesses Hampered by Supply Disruptions, Labor Shortages, and Absenteeism

Related reading: Liberty Street Economics post

2021


December Prices Paid and Supply Disruptions
Businesses Report Sharp Acceleration in Most Costs
November Supply Chain and Workforce Issues
Supply Disruptions Seen Worsening; Firms Struggling to Expand Workforce
October Supply Disruptions
Supply Disruptions Taking a Toll on Many Businesses

Related reading: Liberty Street Economics post
August Difficulties in Filling Job Openings
Most Businesses Having Difficulty Filling Job Openings
June Sales Activity, Employment Levels, and Remote Work
Businesses Expect a Strong Half of 2021 and More Remote Working after the Pandemic
April Business Revenues, Constraints, and Wages
Business Revenues Seen Rebounding When Conditions Return to Normal

Related reading: Liberty Street Economics post
February Minimum Wage Effects and Supply Disruptions
Manufacturers Report More Unfilled Jobs, Note Fairly Widespread Supply Disruptions



Archive
Past Supplemental Survey Reports, 2014-20
Predecessor Reports (supplementing Empire survey only), 2008-13
About Supplemental Survey Report
The New York Fed’s core regional surveys query manufacturing and service sector firms on issues affecting their businesses. A Supplemental Survey Report now publishes four times per year.

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