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The Teller Window is a publication featuring expert knowledge and insight from the New York Fed, including thoughts and perspectives from senior leaders.
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Learn about the history of the New York Fed and central banking in the United States through articles, speeches, photos and video.
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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
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A monthly survey of service firms in New York State, northern New Jersey, and southwestern Connecticut, conducted by the New York Fed.
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Note: Survey responses were collected between August 3 and August 10. Download the full report 
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Business activity held steady in the region's service sector in August, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey's headline business activity index fell eight points to 0.5. The business climate index was little changed at -25.7, suggesting the business climate was still worse than normal. Employment edged up slightly and wages continued to increase modestly. Supply availability continued to worsen. The pace of input price increases picked up slightly, while selling prices increased at about the same pace as in July. Capital spending was weak. Looking ahead, firms' optimism about the six-month outlook weakened notably.
Activity Holds Steady
Business activity was little changed in the New York-Northern New Jersey region, according to the August survey. The headline business activity index dropped eight points to 0.5. Twenty-nine percent of respondents reported that conditions improved over the month and 29 percent said that conditions worsened. The business climate index remained deeply negative at -25.7, with 43 percent of respondents reporting an unfavorable business climate. Employment Edges Up
The employment index came in at 2.4, suggesting employment levels moved slightly higher. The wages index held steady at 30.7, indicating that wages continued to increase modestly. The prices paid index moved up three points to 70.1, signaling a slight uptick in input price increases, while the prices received index held steady at 27.7. The supply availability index fell five points to -14.3, indicating that supply availability worsened at a steeper pace than last month. Optimism Wanes
The index for future business activity dropped fourteen points to 9.3, suggesting firms expect only modest growth in activity over the next six months. The future business climate index declined seventeen points to -16.5, signaling growing pessimism about the future business environment. Employment is expected to increase modestly in the months ahead. Firms' expectations for future price increases remained elevated, and supply availability is expected to continue to worsen somewhat. Capital spending plans remained weak. Contacts Tech help: nyrsf.webteam@ny.frb.org Questions about survey/data: richard.deitz@ny.frb.org or (716) 849-5025 |
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Historical Reports >>
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Latest Report including charts of diffusion indexes Historical Tables csv Data definitions 2 pages / 10 kb
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The Business Leaders Survey is a monthly survey conducted by the Federal Reserve Bank of New York that asks companies across its District - which includes New York State, Northern New Jersey, and Fairfield County, Connecticut - about recent and expected trends in key business indicators. This survey is designed to parallel the Empire State Manufacturing Survey, though it covers a wider geography and the questions are slightly different. Participants from the service sector respond to a questionnaire and report on a variety of indicators, both in terms of recent and expected changes. While January 2014 is the first published report, survey responses date back to September of 2004 and all historical data are available on our website. Contacts |
