The New York region's service sector activity "continued to grow at a healthy pace," according to the Federal Reserve Bank of New York's December Business Leaders Survey, released Monday.
The business activity index slipped to 16.7 in December from 18.9 in November, the business climate index reversed to positive 9.6 from negative 3.5, the number of employees index fell to 9.1 from 9.3, the wages index grew to 26.6 from 25.5, the prices paid index gained to 45.5 from 43.8, the prices received index increased to 12.1 from 11.3, and the capital spending index slid to 12.6 from 13.1.
The future business activity index declined to 33.1 in December from 34.1 in November, the business climate index rose to 23.6 from 20.0, the number of employees index grew to 29.9 from 22.5, the wages index gained to 55.5 from 49.1, the prices paid index dipped to 49.0 from 49.1, the prices received index fell to 28.2 from 28.7, and the capital spending index climbed to 28.8 from 20.2.
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.
