The New York region's service sector activity "expanded," according to the Federal Reserve Bank of New York's February Business Leaders Survey, released Wednesday.
The business activity index reversed to positive 12.59 from negative 11.11 in February, the business climate index narrowed to negative 10.14 from negative 26.71, the employment index grew to 14.81 from 8.90, the wages index climbed to 35.56 from 34.93, the prices paid index rose to 39.26 from 31.51, the prices received index increased to 13.43 from 2.07, and the capital spending index climbed to 6.02 from 4.14.
The future business activity index gained to 31.62 from 23.61 in February, the business climate index surged to positive 15.33 from negative 8.33, the employment index slid to 20.15 from 22.30, the wages index increased to 44.36 from 43.97, the prices paid index grew to 42.42 from 40.88, the prices received index declined to 18.66 from 20.57, and the capital spending index grew to 21.64 from 19.29.
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.
