N.Y. Fed: Service Sector Activity Grows

The New York region's service sector activity "grew for the first time in several months," according to the Federal Reserve Bank of New York's January Business Leaders Survey, released Wednesday.

The business activity index increased to positive 7.4 in January from negative 0.6 in December, the business climate index improved to negative 3.0 from negative 3.8, the number of employees index gained to 17.1 from 11.2, the wages index grew to 31.0 from 24.3, the prices paid index soared to 44.0 from 34.7, the prices received index reversed to positive 9.6 from negative 2.3, and the capital spending index climbed to 17.2 from 7.5.

The future business activity index slide to 39.9 in January from 41.2 in December, the business climate index increased to 34.0 from 31.1, the number of employees index grew to 26.3 from 25.4, the wages index fell to 49.0 from 52.3, the prices paid index gained to 54.5 from 53.8, the prices received index declined to 30.6 from 31.2, and the capital spending index dropped to 23.6 from 28.7.

Respondents to the Business Leaders Survey, which the Fed calls "a close cousin of our Empire State Manufacturing Survey," come from New York, northern New Jersey, and southwestern Connecticut.

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