Business Leaders Survey
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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Click here for this month’s Supplemental Survey Report: Worker skills, pay and retention

The Federal Reserve Bank of New York’s April 2014 Business Leaders Survey indicates that activity in the region’s service sector grew moderately. The survey’s headline business activity index climbed for a second consecutive month, rising fifteen points to 12.7, its highest reading since November. The business climate index also rose fifteen points, but remained negative at -6.7, suggesting that on balance, respondents continued to view the business climate as worse than normal. The employment index rose five points to 6.2, signaling a small increase in employment levels, and the wages index fell six points to 30.5. The prices paid index fell four points to 51.9, a level which indicates a slight slowing in the pace of input price increases, and the prices received index fell seven points to 9.2, pointing to smaller selling price increases. The current capital spending index fell to 2.3, while the future capital spending index remained fairly high at 18.7. Indexes for the six-month outlook conveyed a strong degree of optimism about future conditions, with a particularly strong gain in the future employment index, which reached a multiyear high.

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18 report PDF
16 report PDF

Charts of diffusion indexes (past 12 months) PDF

Historical Tables

Diffusion Indexes
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Data definitions PDF 2 pages / 10 kb

All Data
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Data definitions PDF 2 pages / 10 kb

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.

The survey is sent on the first business day of each month to the same pool of about 150 business executives, usually the president or CEO, in the region's service sector. In a typical month, about 100 responses are received by around the tenth of the month when the survey closes.

For demonstration only:
Sample survey PDF 3 pages / 44 kb

Respondents come from a wide range of industries outside of the manufacturing sector, with the mix of respondents closely resembling the industry structure of the region.

The survey's headline index, general business activity, is a distinct question posed on the survey (as opposed to a composite of responses to other questions). Currently, no indexes are seasonally adjusted since none of the series exhibits stable seasonal patterns from a statistical perspective.

Tech help:

Questions about survey/data: or (716) 849-5025; or (212) 720-5651

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