The New York region's service sector activity "marginally improved," according to the Federal Reserve Bank of New York's January Business Leaders Survey, released Tuesday.
The business activity index rose to 4.08 from 2.03 in December, the business climate index narrowed to negative 0.69 from negative 12.67, the employment index grew to 8.78 from 6.85, the wages index climbed to 34.69 from 26.03, the prices paid index slid to 38.78 from 42.18, the prices received index increased to 10.34 from 8.97, and the capital spending index surged to 25.18 from 7.59.
The future business activity index gained to 24.66 from 20.67 in December, the business climate index dipped to 11.64 from 12.00, the employment index rose to 26.43 from 23.78, the wages index increased to 53.57 from 50.34, the prices paid index fell to 45.65 from 53.42, the prices received index declined to 23.36 from 27.97, and the capital spending index fell to 17.12 from 24.14.
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.
