Every month, the Federal Reserve Bank of New York conducts a survey of business leaders in New York. The survey focuses on economic activity in the service sector. For March, the survey found:
“Business activity declined significantly in the region’s service sector in March, according to firms responding to the Federal Reserve Bank of New York’s Business Leaders Survey. The survey’s headline business activity index fell nine points to -19.3, its lowest level in more than a year. The business climate index fell sixteen points to -51.7, its lowest level since 2021, suggesting the business climate was considerably worse than normal. Employment declined modestly, and wage growth moderated somewhat. Supply availability worsened slightly. Input price increases picked up at the fastest pace in nearly two years, and selling price increases also ticked up. Looking ahead, firms turned pessimistic about the outlook, and the future employment index dropped to its lowest level since 2020.”
The New York Federal Reserve’s monthly report provides useful data to help analyze general economic conditions. You can access the monthly report here.