N.Y. Fed: Service Sector Activity Grows

The New York region's service sector activity "continued to grow modestly," according to the Federal Reserve Bank of New York's February Business Leaders Survey, released Thursday.

The business activity index slipped to 6.7 in February from 7.4 in January, the business climate index improved to positive 0.7 from negative 3.0, the number of employees index gained to 19.7 from 17.1, the wages index grew to 35.4 from 31.0, the prices paid index rose to 48.3 from 44.0, the prices received index increased to 11.8 from 9.6, and the capital spending index fell to 9.0 from 17.2.

The future business activity index rose to 41.5 in February from 39.9 in January, the business climate index decreased to 25.9 from 34.0, the number of employees index grew to 31.5 from 26.3, the wages index fell to 40.6 from 49.0, the prices paid index dipped to 52.1 from 54.5, the prices received index declined to 25.7 from 30.6, and the capital spending index climbed to 28.2 from 23.6.

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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