The New York region's service sector activity "leveled off," according to the Federal Reserve Bank of New York's February Business Leaders Survey, released Wednesday.
The business activity index fell to 0.76 from 15.65 in January, the business climate index reversed to negative 8.40 from positive 0.68, the employment index grew to 16.92 from 15.97, the wages index gained to 35.38 from 29.17, the prices paid index surged to 51.54 from 39.31, the prices received index decreased to 6.20 from 11.97, and the capital spending index crept to 16.28 from 16.08.
The future business activity index grew to 37.40 from 35.42 in January, the business climate index climbed to 33.33 from 26.52, the employment index slid to 25.60 from 27.66, the wages index fell to 49.21 from 56.74, the prices paid index gained to 54.33 from 48.59, the prices received index grew to 26.40 from 24.29, and the capital spending index decreased to 15.20 from 19.15.
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.
