The New York region's service sector activity "held steady," according to the Federal Reserve Bank of New York's December Business Leaders Survey, released Wednesday.
The business activity index narrowed to negative 0.6 in December from negative 6.8 in November, the business climate index improved to negative 3.8 from negative 23.9, the number of employees index gained to 11.2 from 8.0, the wages index slid to 24.3 from 26.9, the prices paid index declined to 34.6 from 35.8, the prices received index decreased to negative 2.3 from positive 3.8, and the capital spending index fell to 7.5 from 10.6.
The future business activity index rose to 41.2 in December from 23.6 in November, the business climate index surged to 31.1 from 3.7, the number of employees index grew to 25.4 from 17.2, the wages index grew to 52.3 from 49.1, the prices paid index gained to 53.8 from 43.0, the prices received index climbed to 31.2 from 23.1, and the capital spending index increased to 28.7 from 19.2.
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.
