New York service sector activity “grew at a fairly solid clip” in February, according to the Federal Reserve Bank of New York's Business Leaders Survey, released Tuesday.
“[T]he prices paid index rose seven points to 58.8, pointing to steeper input price increases. The prices received index advanced eight points to 24.8, a sign that the pace of selling price increases picked up,” the Fed said.
The business activity index soared to 13.7 in February from zero in January, the business climate index rose to 3.2 from 0.6, the number of employees index increased to 7.3 from 7.1, the wages index grew to 45.3 from 37.1, and the capital spending index gained to 15.1 from 10.8.
The future business activity index surged to 31.2 in February from 14.3 in January, the business climate index rebounded to positive 5.9 from negative 15.7, the number of employees index increased to 26.8 from 24.4, the wages index crept to 52.3 from 52.1, the prices paid index slid to 53.6 from 55.4, the prices received index declined to 32.5 from 36.7, and the capital spending index climbed to 26.6 from 16.8.
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.
