The New York region's service sector activity "declined," according to the Federal Reserve Bank of New York's February Business Leaders Survey, released Wednesday.
The business activity index plunged to negative 11.11 from positive 4.08 in January, the business climate index dropped to negative 26.71 from negative 0.69, the employment index grew to 8.90 from 8.78, the wages index climbed to 34.93 from 34.69, the prices paid index slid to 31.51 from 38.78, the prices received index decreased to 2.07 from 10.34, and the capital spending index slumped to 4.14 from 25.18.
The future business activity index dipped to 23.61 from 24.66 in January, the business climate index fell to negative 8.33 from positive 11.64, the employment index slid to 22.30 from 26.43, the wages index decreased to 43.97 from 53.57, the prices paid index fell to 40.88 from 45.65, the prices received index declined to 20.57 from 23.36, and the capital spending index grew to 19.29 from 17.12.
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.
