The New York region's service sector "increased modestly" in January, according to the Federal Reserve Bank of New York's Business Leaders Survey, released Thursday.
The business activity index slid to 6.19 from 7.89 in December, the business climate index improved to negative 7.96 from negative 12.17, the employment index slipped to 0.89 from 8.77, the wages index dipped to 26.55 from 28.95, the prices paid index rose to 48.67 from 46.49, the prices received index fell to 9.73 from 16.07, and the capital spending index surged to 15.93 from 5.31.
The future business activity index grew to 46.90 from 30.97 in December, the business climate index improved to 37.17 from 23.68, the employment index gained to 19.23 from 15.89, the wages index dipped to 40.38 from 48.60, the prices paid index slid to 50.50 from 54.21, the prices received index rose to 26.92 from 24.04, and the capital spending index surged to 32.04 from 18.69.
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.
