The New York region's service sector activity "declined significantly," according to the Federal Reserve Bank of New York's August Business Leaders Survey, released Tuesday.
The business activity index dropped to negative 19.86 in July from positive 5.41 in July, the business climate index widened to negative 31.25 from negative 19.74, the employment index declined to 2.84 from 9.21, the wages index gained to 35.00 from 32.24, the prices paid index inched down to 35.46 from 35.53, the prices received index decreased to 1.42 from 6.12, and the capital spending index fell to 2.14 from 15.44.
The future business activity index rose to 19.01 in August from 17.11 in July, the business climate index gained to 2.82 from 2.01, the employment index slid to 12.14 from 23.29, the wages index declined to 35.00 from 38.62, the prices paid index fell to 35.77 from 36.81, the prices received index dropped to 15.83 from 19.58, and the capital spending index decreased to 12.95 from 13.79.
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.
