This report summarizes responses to topical questions posed periodically in the New York Fed’s Empire State Manufacturing Survey and Business Leaders Survey.
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Supplemental Survey Report
February 2024: Trends in Costs, Prices, Wages, and Inflation
Service firms and manufacturers responding to special questions in the New York Fed’s February business surveys reported seeing cost, selling price, and wage increases slowing considerably over the past year. Businesses indicated that they expect costs, selling prices, and wages to moderate further over the next twelve months. Firms’ year-ahead inflation expectations have also come down noticeably—to about 3.5 percent (as measured by the consumer price index), versus an expectation of well-above 6 percent when asked the same question in May 2022.
Read the full report “Businesses Expect Costs, Prices, Wages, and Inflation to Continue Moderating.”
Regional Economy
Read the full report “Businesses Expect Costs, Prices, Wages, and Inflation to Continue Moderating.”
Related Reading
Additional research and data from our Regional team:Regional Economy
Reports
2024 |
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| February | Trends in Costs, Prices, Wages, and Inflation Businesses Expect Costs, Prices, Wages, and Inflation to Continue Moderating Related reading: Liberty Street Economics post |
2023 |
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| November | Workforce Issues Firms Expect Continued Hiring, but at a Slower Pace |
| August | Trends in Remote Work Businesses Expect Current Amount of Remote Work to Persist into Next Year Related reading: Liberty Street Economics post |
| May | Credit Access and Credit Conditions Businesses Report Only Minor Deterioration in Recent Credit Conditions, but Remain Cautious in the Near Term |
| February | Expected Changes in Workforce and Wages; Minimum Wage Effects Wages Up 5-6 Percent in the Past Year; Gains Expected to Moderate over the Next Year |
2022 |
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| December | Selling Prices, Input Prices, and Overall Inflation Businesses Foresee Inflation Moderating Next Year |
| November | Workforce Issues Firms Struggling to Expand Workforce |
| August | Trends in Remote Work Service Sector Businesses See Remote Work Persisting Related reading: Liberty Street Economics post |
| May | Expected Selling Prices and Overall Inflation Businesses See Inflation Moderating after Next Year Related reading: Liberty Street Economics post |
| February | Labor and Supply Shortages, Absenteeism, and Minimum Wage Businesses Hampered by Supply Disruptions, Labor Shortages, and Absenteeism Related reading: Liberty Street Economics post |
2021 |
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| December | Prices Paid and Supply Disruptions Businesses Report Sharp Acceleration in Most Costs |
| November | Supply Chain and Workforce Issues Supply Disruptions Seen Worsening; Firms Struggling to Expand Workforce |
| October | Supply Disruptions Supply Disruptions Taking a Toll on Many Businesses Related reading: Liberty Street Economics post |
| August | Difficulties in Filling Job Openings Most Businesses Having Difficulty Filling Job Openings |
| June | Sales Activity, Employment Levels, and Remote Work Businesses Expect a Strong Half of 2021 and More Remote Working after the Pandemic |
| April | Business Revenues, Constraints, and Wages Business Revenues Seen Rebounding When Conditions Return to Normal Related reading: Liberty Street Economics post |
| February | Minimum Wage Effects and Supply Disruptions Manufacturers Report More Unfilled Jobs, Note Fairly Widespread Supply Disruptions |
Archive
Past Supplemental Survey Reports, 2014-20
Predecessor Reports (supplementing Empire survey only), 2008-13
About Supplemental Survey Report
The New York Fed’s core regional surveys query manufacturing and service sector firms on issues affecting their businesses. A Supplemental Survey Report now publishes four times per year.
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