The New York region's service sector activity "grew moderately," according to the Federal Reserve Bank of New York's January Business Leaders Survey, released Friday.
The business activity index rose to 15.65 from 7.81 in December, the business climate index reversed to positive 0.68 from negative 7.81, the employment index slid to 15.97 from 16.28, the wages index gained to 29.17 from 25.58, the prices paid index dipped to 39.31 from 42.19, the prices received index increased to 11.97 from 5.43, and the capital spending index jumped to 16.08 from 10.08.
The future business activity index grew to 35.42 from 30.00 in December, the business climate index climbed to 26.53 from 22.05, the employment index rose to 27.66 from 23.33, the wages index rose to 56.74 from 48.74, the prices paid index declined to 48.59 from 49.15, the prices received index fell to 24.29 from 26.67, and the capital spending index decreased to 19.15 from 25.00.
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.
