The New York region's service sector activity "expanded modestly," according to the Federal Reserve Bank of New York's December Business Leaders Survey, released Tuesday.
The business activity index fell to 7.81 from 17.61 in November, the business climate index widened to negative 7.81 from negative 5.67, the employment index grew to 16.28 from 12.86, the wages index slipped to 25.58 from 30.22, the prices paid index rose to 42.19 from 38.13, the prices received index decreased to 5.43 from 13.67, and the capital spending index declined to 10.08 from 20.14.
The future business activity index slid to 30.00 from 43.66 in November, the business climate index dropped to 22.05 from 30.99, the employment index declined to 23.33 from 31.88, the wages index rose to 48.74 from 48.53, the prices paid index declined to 49.15 from 54.35, the prices received index grew to 26.67 from 21.17, and the capital spending index increased to 25.00 from 18.52.
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.
