The New York region’s service sector activity “continued to expand modestly,” according to the Federal Reserve Bank of New York’s September Business Leaders Survey, released Wednesday.
The business activity index slid to 3.76 from 4.55 in August, the business climate index widened to negative 12.03 from negative 8.27, the employment index fell to 12.88 from 14.62, the wages index slipped to 31.06 from 37.69, the prices paid index declined to 32.84 from 38.93, the prices received index increased to 11.36 from 6.92, and the capital spending index fell to 4.55 from 10.85.
The future business activity index slumped to 15.79 from 33.08 in August, the business climate index dropped to 6.06 from 18.05, the employment index gained to 27.78 from 22.22, the wages index increased to 38.58 from 36.29, the prices paid index grew to 46.40 from 43.65, the prices received index rose to 18.25 from 14.40, and the capital spending index increased to 12.80 from 9.52.
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.
