The New York region's service sector activity "expanded modestly," according to the Federal Reserve Bank of New York's May Business Leaders Survey, released Tuesday.
The business activity index gained to 5.42 in May from 1.50 in April, the business climate index narrowed to negative 12.50 from negative 18.66, the employment index fell to 4.19 from 8.21, the wages index dipped to 34.13 from 35.82, the prices paid index grew to 38.92 from 32.84, the prices received index increased to 5.45 from 3.05, and the capital spending index soared to 14.55 from 7.52.
The future business activity index dropped to 24.55 in May from 30.08 in April, the business climate index slipped to 5.95 from 12.12, the employment index slid to 23.46 from 25.98, the wages index declined to 39.63 from 49.22, the prices paid index fell to 40.74 from 43.31, the prices received index gained to 18.13 from 17.46, and the capital spending index dropped to 17.79 from 28.57.
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.
