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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 April 2 and April 9. Beginning in April 2026, all wage data, including their history, are seasonally adjusted. Because of this, the mnemonics for these series have changed, and can be viewed in the data definitions files under the Data & Charts tab. Download the full report 
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Business activity continued to decline in the region's service sector in April, though the pace of contraction eased somewhat, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey's headline business activity index rose nine points to -14.0. The business climate index ticked down three points to -49.3, suggesting the business climate remained much worse than normal. Employment edged slightly lower and supply availability worsened significantly. The pace of input price increases accelerated sharply, while selling price increases picked up modestly. Looking ahead, firms expect little improvement in the next six months.
Conditions Remain Weak
Business activity continued to fall in the New York-Northern New Jersey region, according to the April survey, though the decline was less pronounced than in recent months. The headline business activity index rose nine points but remained below zero at -14.0. Twenty-four percent of respondents reported that conditions improved over the month while 38 percent said that conditions worsened. The business climate index fell three points to -49.3, with 59 percent of respondents reporting an unfavorable business climate. Input Price Increases Pick Up
The employment index came in at -2.4, its eighth consecutive negative reading, suggesting employment continued to shrink, though only slightly this month. The wages index rose eight points to 37.0, pointing to a pickup in wage increases. The prices paid index jumped eleven points to 73.8, signaling a sharp acceleration in input price increases, while the prices received index rose four points to 32.7, indicating a modest pickup in the pace of selling price increases. At -20.0, the supply availability index was down seven points from a month ago, suggesting supply availability worsened significantly. Optimism Wanes
The index for future business activity fell ten points to 2.9, a sign that firms expect little change in activity over the next six months. Employment is expected to grow only slightly. Firms' expectations for future price increases remained elevated, and supply availability is expected to worsen considerably. Firms planned only modest increases in capital spending. 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 |
