The New York region's service sector activity "expanded modestly," according to the Federal Reserve Bank of New York's July Business Leaders Survey, released Monday.
The business activity index gained to 5.41 in July from 3.16 in June, the business climate index widened to negative 19.74 from negative 19.11, the employment index grew to 9.21 from 5.10, the wages index dropped to 32.24 from 36.54, the prices paid index inched up to 35.53 from 35.48, the prices received index decreased to 6.12 from 9.55, and the capital spending index rose to 15.44 from 13.55.
The future business activity index declined to 17.11 in July from 22.64 in June, the business climate index slipped to 2.01 from 11.32, the employment index gained to 23.29 from 22.44, the wages index slid to 38.62 from 42.58, the prices paid index fell to 36.81 from 41.45, the prices received index grew to 19.58 from 18.83, and the capital spending index dropped to 13.79 from 23.23.
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.
