The New York region's service sector activity "expanded slightly," according to the Federal Reserve Bank of New York's March Business Leaders Survey, released Thursday.
The business activity index slipped to 3.2 in March from 6.7 in February, the business climate index declined to zero from positive 0.7, the number of employees index slid to 10.1 from 19.7, the wages index grew to 38.9 from 35.4, the prices paid index fell to 44.9 from 48.3, the prices received index increased to 17.9 from 11.8, and the capital spending index grew to 12.7 from 9.0.
The future business activity index rose to 50.0 in March from 41.5 in February, the business climate index increased to 35.2 from 25.9, the number of employees index dropped to 18.6 from 31.5, the wages index fell to 38.7 from 40.6, the prices paid index climbed to 52.9 from 52.1, the prices received index gained to 27.9 from 25.7, and the capital spending index fell to 25.6 from 28.2.
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.
