The New York region's service sector activity "picked up," according to the Federal Reserve Bank of New York's August Business Leaders Survey, released Tuesday.

The business activity index grew to positive 11.7 in August from negative 0.7 in July, the business climate index narrowed to negative 6.1 from negative 13.2, the number of employees index slid to 7.5 from 9.6, the wages index gained to 33.3 from 32.4, the prices paid index slipped to 36.3 from 38.4, the prices received index increased to 13.8 from 10.3, and the capital spending index fell to 10.8 from 11.2.

The future business activity index rose to 31.3 in August from 28.4 in July, the business climate index decreased to 15.5 from 16.1, the number of employees index soared to 28.5 from 12.6, the wages index fell to 33.1 from 38.5, the prices paid index remained at 44.4, the prices received index gained to 23.4 from 17.6, and the capital spending index rose to 20.5 from 14.6.

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.

The Federal Reserve Bank of New York.
The Federal Reserve Bank of New York. Bloomberg News

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.