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 July 3 and July 10. Download the full report ![]() |
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Activity continued to edge slightly lower in the region’s service sector, according to firms responding to the Federal Reserve Bank of New York’s July 2024 Business Leaders Survey. The survey’s headline business activity index held steady at -4.5. The business climate index was little changed at -25.4, suggesting the business climate remains worse than normal. Employment growth continued to pick up, and wages increased at a similar pace to the prior few months. Supply availability was unchanged. Input and selling price increases remained moderate, while capital spending declined for a second consecutive month. Looking ahead, optimism about the six-month outlook waned.
Conditions Remain Sluggish
Business activity continued to decline slightly in the New York-Northern New Jersey region, according to the July survey. The headline business activity index was little changed at -4.5. Twenty-seven percent of respondents reported that conditions improved over the month, and 31 percent said that conditions worsened. The business climate index edged down two points to -25.4, pointing to an ongoing worsening business climate. Employment Expands
Despite the business activity remaining weak, the employment index continued to climb, rising three points to 12.4, suggesting that employment growth picked up. The wages index came in at 35.0, a level similar to the prior few months, indicating that wage increases were steady. Both the prices paid and prices received indexes were little changed, suggesting that prices increased at about the same pace as in June. The capital spending index remained negative at -4.5. Optimism Continues to Wane
The index for future business activity fell eight points to 8.0, its third consecutive monthly decline. The index for the future business climate remained negative at -5.1, suggesting that firms were not very optimistic that conditions would improve over the next six months. Contacts Tech help: [email protected] Questions about survey/data: [email protected] or (716) 849-5025 |
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Latest Report including charts of diffusion indexes Historical Tables |
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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 |