The New York region's service sector activity "expanded modestly," according to the Federal Reserve Bank of New York's September Business Leaders Survey, released Monday.

The business activity index was 9.4 in September, the business climate index narrowed to negative 5.3 from negative 6.1, the number of employees index grew to 10.9 from 7.5, the wages index rose to 34.9 from 33.3, the prices paid index climbed to 42.2 from 36.3, the prices received index increased to 19.0 from 13.8, and the capital spending index fell to 6.8 from 10.8.

The future business activity index slid to 25.9 in September from 31.3 in August, the business climate index decreased to 1.3 from 15.5, the number of employees index dropped to 23.3 from 28.5, the wages index gained to 44.8 from 33.1, the prices paid index rose to 47.6 from 44.4, the prices received index rose to 27.3 from 23.4, and the capital spending index remained 20.5.

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.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.