“Activity in the region’s service sector expanded modestly, according to firms responding to the Federal Reserve Bank of New York’s November 2018 Business Leaders Survey,” the Federal Reserve Bank of New York reported on Friday.
Key takeaways from the press release
- The survey’s headline business activity index was little changed at 8.6.
- The business climate index moved down nine points to 12.9, a sign that firms, on balance, regarded the business climate as better than normal, though to a lesser extent than last month.
- Employment levels increased modestly, and wage increases continued, though they were somewhat less widespread than in October.
- The prices paid index remained elevated at 57.1, and the selling price index fell nine points to 19.5.
- Optimism waned, with the index for future business climate falling to zero for the first time in over a year.