N.Y. Fed: Service sector sees ‘robust’ expansion in November
The New York region's service sector activity "expanded at a robust pace," according to the Federal Reserve Bank of New York's November Business Leaders Survey, released Thursday.
The business activity index soared to 18.9 in November from 5.7 in October, the business climate index narrowed to negative 3.5 from negative 5.7, the number of employees index fell to 9.3 from 18.1, the wages index slid to 25.5 from 36.2, the prices paid index gained to 43.8 from 41.6, the prices received index decreased to 11.3 from 15.9, and the capital spending index grew to 13.1 from 7.1.
The future business activity index surged to 34.1 in November from 16.0 in October, the business climate index jumped to 20.0 from 3.8, the number of employees index slipped to 22.5 from 25.5, the wages index gained to 49.1 from 45.9, the prices paid index crept to 49.1 from 49.0, the prices received index rose to 28.7 from 23.1, and the capital spending index fell to 20.2 from 22.9.
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.