New York service sector activity “continued to grow modestly” in April, according to the Federal Reserve Bank of New York's Business Leaders Survey, released Tuesday.
The business climate index hovered around zero for a fourth consecutive month, signaling that, on balance, firms viewed the business climate as normal,” the Fed said.
The business activity index gained to 10.9 in April from 10.8 in March, the business climate index reversed to positive 1.8 from negative 1.3, the number of employees index decreased to 4.8 from 14.2, the wages index declined to 43.4 from 54.8, the prices paid index dropped to 48.2 from 56.8, the prices received index fell to 19.4 from 27.5, and the capital spending index slid to 11.9 from 15.0.
The future business activity index rose to 31.1 in April from 29.2 in March, the business climate index fell to 3.6 from 7.6, the number of employees index increased to 24.7 from 21.7, the wages index dipped to 45.5 from 46.1, the prices paid index declined to 45.8 from 49.0, the prices received index dropped to 30.0 from 35.8, and the capital spending index fell to 21.3 from 27.3.
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.
