The New York region's service sector activity "expanded modestly," according to the Federal Reserve Bank of New York's May Business Leaders Survey, released Tuesday.

The business activity index dipped to 6.6 in May from 6.7 in April, the business climate index declined to 2.4 from 3.0, the number of employees index grew to 6.7 from 4.9, the wages index gained to 39.0 from 35.2, the prices paid index climbed to 44.8 from 44.1, the prices received index increased to 17.7 from 17.6, and the capital spending index fell to 11.0 from 19.8.

The future business activity index slid to 35.3 in May from 37.0 in April, the business climate index decreased to 21.1 from 27.8, the number of employees index dropped to 21.5 from 25.8, the wages index rose to 43.9 from 39.9, the prices paid index slipped to 43.8 from 48.8, the prices received index gained to 27.8 from 24.5, and the capital spending index fell to 17.2 from 31.3.

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.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.