The New York region's service sector increased in May, according to the Federal Reserve Bank of New York's Business Leaders Survey, released Friday.
The business activity index slid to 4.47 from 12.69 in April, the business climate index declined to negative 10.85 from negative 6.72, the employment index gained to 16.41 from 6.15, the wages index climbed to 32.03 from 30.53, the prices paid index rose to 54.69 from 51.91, the prices received index increased to 19.05 from 9.16, and the capital spending index jumped to 9.45 from 2.33.
The future business activity index rose to 42.97 from 40.15 in April, the business climate index gained to 33.33 from 27.07, the employment index slipped to 29.75 from 34.15, the wages index dipped to 38.84 from 42.62, the prices paid index fell to 59.50 from 60.98, the prices received index grew to 34.17 from 27.64, and the capital spending index increased to 25.00 from 18.70.
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.
