The New York region's service sector activity "declined for the first time in more than a year," according to the Federal Reserve Bank of New York's November Business Leaders Survey, released Tuesday.
The business activity index slid to negative 5.07 from positive 3.01 in October, the business climate index narrowed to negative 15.11 from negative 18.80, the employment index fell to 5.00 from 12.21, the wages index climbed to 27.54 from 26.15, the prices paid index rose to 38.57 from 33.33, the prices received index decreased to 1.45 from 5.38, and the capital spending index grew to 10.95 from 2.31.
The future business activity index slipped to 25.55 from 26.32 in October, the business climate index dropped to 8.70 from 14.62, the employment index slid to 15.15 from 18.11, the wages index surged to 52.63 from 39.06, the prices paid index fell to 47.73 from 51.59, the prices received index declined to 20.61 from 24.80, and the capital spending index increased to 18.60 from 15.08.
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.
