The New York region's service sector activity "declined for a fourth consecutive month," according to the Federal Reserve Bank of New York's November Business Leaders Survey, released Wednesday.
The business activity index narrowed to negative 6.8 in November from negative 13.2 in October, the business climate index improved to negative 23.9 from negative 29.7, the number of employees index declined to 8.0 from 9.7, the wages index slid to 26.9 from 33.3, the prices paid index declined to 35.8 from 36.4, the prices received index decreased to 3.8 from 9.2, and the capital spending index rose to 10.6 from 6.3.
The future business activity index rose to 23.6 in November from 10.6 in October, the business climate index reversed to positive 3.7 from negative 3.6, the number of employees index grew to 17.2 from 12.6, the wages index jumped to 49.1 from 39.4, the prices paid index gained to 43.0 from 41.3, the prices received index climbed to 23.1 from 21.0, and the capital spending index soared to 19.2 from 7.7.
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.
