N.Y. Fed: Jan. service sector activity flat, prices dip
New York service sector activity “held steady” in January, according to the Federal Reserve Bank of New York's Business Leaders Survey, released Wednesday.
“The prices paid index, while still elevated, edged down three points to 51.5, and the prices received index was little changed at 17.0,” the Fed said.
The business activity index dropped to zero in January from 5.6 in December, the business climate index reversed to positive 0.6 from negative 0.6, the number of employees index decreased to 7.1 from 8.8, the wages index grew to 37.1 from 34.4, the prices paid index slid to 51.5 from 54.4, the prices received index dropped to 17.0 from 18.1, and the capital spending index fell to 10.8 from 16.9.
The future business activity index declined to 14.3 in January from 18.6 in December, the business climate index fell to negative 15.7 from negative 11.8, the number of employees index decreased to 24.4 from 24.5, the wages index slipped to 52.1 from 57.2, the prices paid index slid to 55.4 from 60.4, the prices received index rose to 36.7 from 35.5, and the capital spending index dropped to 16.8 from 24.7.
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.