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“Activity in the region’s service sector expanded strongly, according to firms responding to the Federal Reserve Bank of New York’s September 2018 Business Leaders Survey,” NY Fed announced on Tuesday.

Key quotes

  • The survey’s headline business activity index climbed eight points to 22.5, its highest level in more than ten years.
  • The business climate index reached a record high of 23.2, a sign that firms, on balance, regarded the business climate as better than normal.
  • Employment levels increased modestly, and the wages index remained elevated at 43.3.
  • The prices paid index moved down seven points to 50.0, signaling that input price increases, while still widespread, were somewhat less steep than last month, and the selling price index edged up two points to 20.1.  
  • Firms remained fairly positive about the six-month outlook, though optimism continued to drift downward.
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