New York service sector activity “expanded modestly” in November, according to the Federal Reserve Bank of New York's Business Leaders Survey, released Friday.
“The prices paid index edged down four points but remained elevated at 57.1. The prices received index fell nine points to 19.5.,” the Fed said.
The business activity index dropped to 8.6 in November from 9.4 in October, the business climate index slipped to 12.9 from 22.2, the number of employees index decreased to 8.6 from 14.2, the wages index fell to 34.2 from 40.0, the prices paid index slid to 57.1 from 61.4, the prices received index declined to 19.5 from 28.1, and the capital spending index gained to 21.3 from 15.3.
The future business activity index dropped to 17.3 in November from 32.7 in October, the business climate index fell to zero from 13.2, the number of employees index increased to 28.6 from 23.9, the wages index slipped to 51.6 from 56.4, the prices paid index slid to 60.9 from 64.9, the prices received index declined to 35.5 from 37.0, and the capital spending index rose to 34.2 from 30.7.
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.
