N.Y. Fed: Aug. service sector activity, employment, wages grow
New York service sector activity “expanded at a solid clip” In August, according to the Federal Reserve Bank of New York's Business Leaders Survey, released Thursday.
The components showed “a moderate increase in employment levels, while the wages index “reflected ongoing wage gains,” the Fed said.
The business activity index slipped to 14.5 in August from 14.8 in July, the business climate index dropped to 13.0 from 13.3, the number of employees index increased to 16.3 from 12.9, the wages index rose to 40.3 from 39.1, the prices paid index declined to 58.6 from 62.1, the prices received index slipped to 17.7 from 24.6, and the capital spending index dipped to 11.3 from 12.4.
The future business activity index fell to 30.8 in August from 32.4 in July, the business climate index climbed to 14.9 from 13.9, the number of employees index increased to 27.8 from 22.5, the wages index slid to 38.5 from 47.1, the prices paid index grew to 57.7 from 54.0, the prices received index gained to 34.0 from 32.8, and the capital spending index rose to 21.0 from 19.0.
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.