The New York region's service sector activity "continued to expand modestly," according to the Federal Reserve Bank of New York's October Business Leaders Survey, released Tuesday.

The business activity index slid to 5.7 in October from 9.4 in September, the business climate index widened to negative 5.7 from negative 5.3, the number of employees index grew to 18.1 from 10.9, the wages index rose to 36.2 from 34.9, the prices paid index slipped to 41.6 from 42.2, the prices received index decreased to 15.9 from 19.0, and the capital spending index grew to 7.1 from 6.8.

The future business activity index declined to 16.0 in October from 25.9 in September, the business climate index gained to 3.8 from 1.3, the number of employees index climbed to 25.5 from 23.3, the wages index gained to 45.9 from 44.8, the prices paid index rose to 49.0 from 47.6, the prices received index fell to 23.1 from 27.3, and the capital spending index grew to 22.9 from 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.