The New York region's service sector decreased in February, according to the Federal Reserve Bank of New York's Business Leaders Survey, released Wednesday.
The business activity index slid to negative 10.53 from positive 6.19 in January, the business climate index declined to negative 28.95 from negative 7.96, the employment index surged to 9.01 from 0.89, the wages index gained to 36.94 from 26.55, the prices paid index rose to 51.35 from 48.67, the prices received index grew to 15.45 from 9.73, and the capital spending index slipped to 8.18 from 15.93.
The future business activity index fell to 41.23 from 46.90 in January, the business climate index slumped to 29.20 from 37.17, the employment index dropped to 12.26 from 19.23, the wages index dipped to 38.68 from 40.38, the prices paid index rose to 57.55 from 50.50, the prices received index grew to 28.30 from 26.92, and the capital spending index declined to 12.15 from 32.04.
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.
