N.Y. Fed: Dec. service sector activity expands, prices dip
New York service sector activity “expanded slightly” in December, according to the Federal Reserve Bank of New York's Business Leaders Survey, released Tuesday.
“The prices paid index edged down three points, its second consecutive monthly decline, but remained elevated,” the Fed said.
The business activity index dropped to 5.6 in December from 8.6 in November, the business climate index declined to negative 0.6 from positive 12.9, the number of employees index increased to 8.8 from 8.6, the wages index grew to 34.4 from 34.2, the prices paid index slid to 54.4 from 57.1, the prices received index dropped to 18.1 from 19.5, and the capital spending index fell to 16.9 from 21.3.
The future business activity index rose to 18.6 in December from 17.3 in November, the business climate index fell to negative 11.8 from zero, the number of employees index decreased to 24.5 from 28.6, the wages index climbed to 57.2 from 51.6, the prices paid index slid to 60.5 from 60.9, the prices received index remained at 35.5, and the capital spending index plunged to 24.7 from 34.2.
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.