New York business leaders “generally” expect conditions to improve over the next six months. That’s according to firms responding to the Federal Reserve Bank of New York’s January 2022 Business Leaders Survey. It’s a survey the New York Fed distributes the day after it distributes the monthly Empire State Manufacturing Survey. The survey’s index for future […]
New York business leaders “generally” expect conditions to improve over the next six months.
That’s according to firms responding to the Federal Reserve Bank of New York’s January 2022 Business Leaders Survey.
It’s a survey the New York Fed distributes the day after it distributes the monthly Empire State Manufacturing Survey.
The survey’s index for future business activity increased nine points to 43.7, while the future business-climate index rose 16 points to 30.6, its “highest level in several months,” the New York Fed said.
Strong gains in employment, wages, and prices are expected in the months ahead, and capital-spending plans remained solid.
Current activity
Business activity increased in the region’s service sector, but at its slowest pace since March of last year, according to the January survey.
The headline business-activity index moved down 5 points to 9.2. The survey found 35 percent of respondents reported that conditions improved over the month, while 26 percent said that conditions worsened.
The business-climate index fell 12 points to -27.9, indicating that on net, firms continued to view the business climate as “worse than normal for this time of year,” the New York Fed said.
Other survey details
Both input prices and selling prices continued to increase at a near record pace in January, though the indexes were marginally lower than last month.
The prices-paid index ticked down 3 points to 77.3, and the prices-received index fell 3 points to 39.4.
The employment index dipped 11 points to 7.6, suggesting that employment growth slowed, and the wages index was unchanged at 52.3, signaling another month of “strong” wage growth.
The capital-spending index held steady at 9.8.
About the survey
The Business Leaders Survey is a monthly survey conducted by the Federal Reserve Bank of New York that asks companies across its district about recent and expected trends in key business indicators.
The district includes New York State, Northern New Jersey, and Fairfield County, Connecticut.
This survey is designed to parallel the Empire State Manufacturing Survey, though it covers a wider geography and the questions are slightly different.
The New York Fed sends the survey 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 10th of the month when the survey closes.