The New York region's service sector activity "continued to grow at a solid pace," according to the Federal Reserve Bank of New York's January Business Leaders Survey, released Wednesday.

“The business climate index rose seven points to 16.4, its highest level in more than a decade, signaling that firms, on balance, regarded the business climate as better than normal,” the report noted.

The business activity index climbed to 18.1 in January from 16.7 in December, the business climate index gained to 16.4 from 9.6, the number of employees index grew to 10.5 from 9.1, the wages index soared to 37.1 from 26.6, the prices paid index gained to 49.3 from 45.5, the prices received index increased to 16.6 from 12.1, and the capital spending index rose to 14.8 from 12.6.

The future business activity index surged to 47.2 in January from 33.1 in December, the business climate index rose to 35.4 from 23.6, the number of employees index slid to 29.2 from 29.9, the wages index gained to 55.8 from 55.5, the prices paid index rose to 61.2 from 49.0, the prices received index climbed to 34.2 from 28.2, and the capital spending index declined to 26.1 from 28.8.

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.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.