N.Y. Fed: March service sector slows as respondents see conditions near normal
New York service sector activity “grew modestly” in March, according to the Federal Reserve Bank of New York's Business Leaders Survey, released Monday.
The business climate index hovered around zero for a third consecutive month, signaling that, on balance, firms viewed the business climate as normal,” the Fed said.
The business activity index declined to 10.8 in March from 13.7 in February, the business climate index fell to negative 1.3 from positive 3.2, the number of employees index increased to 14.2 from 7.3, the wages index grew to 54.8 from 45.3, the prices paid index dipped to 56.8 from 58.8, the prices received index climbed to 27.5 from 24.8, and the capital spending index slid to 15.0 from 16.1.
The future business activity index fell to 29.2 in March from 31.2 in February, the business climate index grew to 7.6 from 5.9, the number of employees index decreased to 21.7 from 26.8, the wages index fell to 46.1 from 52.3, the prices paid index slid to 49.0 from 53.6, the prices received index gained to 35.8 from 32.5, and the capital spending index climbed to 27.3 from 26.6.