The New York region's service sector activity "expanded moderately," according to the Federal Reserve Bank of New York's May Business Leaders Survey, released Monday.
The business activity index rose to 12.80 from 10.77 in April, the business climate index widened to negative 7.94 from negative 6.87, the employment index slid to 10.57 from 11.02, the wages index surged to 40.16 from 29.69, the prices paid index climbed to 43.90 from 41.09, the prices received index decreased to 6.61 from 8.59, and the capital spending index slipped to 6.61 from 11.02.
The future business activity index dipped to 39.20 from 40.00 in April, the business climate index slumped to 25.60 from 27.48, the employment index slid to 33.88 from 34.96, the wages index declined to 40.83 from 46.34, the prices paid index grew to 49.17 from 44.72, the prices received index fell to 20.17 from 27.05, and the capital spending index decreased to 15.70 from 20.66.
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.
