---
source: Federal Reserve Bank of New York
url: https://www.newyorkfed.org/medialibrary/media/survey/business_leaders/2026/2026_04blsreport.pdf
document_type: pdf
date_retrieved: 2026-04-16
period: April 2026
parent_publication: Business Leaders Survey
indicators_covered: [Business Activity Index, Business Climate Index, Employment Index, Wages Index, Prices Paid Index, Prices Received Index, Capital Spending Index, Supply Availability Index, Forward-Looking Indicators]
---

# Business Leaders Survey — April 2026

**Release date:** April 10, 2026  
**Survey period:** April 2–9, 2026  
**Coverage:** Service firms in New York, Northern New Jersey, and southwestern Connecticut

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## Executive Summary

Business activity continued to decline in the region’s service sector in April, though the pace of contraction eased somewhat. The headline **business activity index** rose nine points to **-14.0** (previous: -22.6). The **business climate index** ticked down three points to **-49.3**, suggesting conditions remained much worse than normal. Employment edged slightly lower and supply availability worsened significantly. Input price increases accelerated sharply, while selling price increases picked up modestly. Looking ahead, firms expect little improvement over the next six months; the future business activity index fell ten points to **2.9**.

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## Current Indicators (April 2026 vs. March 2026)

Diffusion indexes are percent reporting higher minus percent reporting lower; zero indicates no change.

| Indicator | Apr 2026 | Mar 2026 | Change |
|-----------|---------|---------|--------|
| **Business Activity** | -14.0 | -22.6 | +9.0 |
| **Business Climate** | -49.3 | -46.2 | -3.1 |
| **Employment** | -2.4 | -8.5 | +6.1 |
| **Wages** | 37.0 | 29.0 | +8.0 |
| **Prices Paid** | 73.8 | 62.5 | +11.3 |
| **Prices Received** | 32.7 | 28.8 | +3.9 |
| **Capital Spending** | 2.9 | -2.5 | +5.4 |
| **Supply Availability** | -20.0 | -12.6 | -7.4 |

*Notes:*
- *Employment and wages indexes are seasonally adjusted.*
- *Supply availability index was added in June 2024; history backfilled to 2021.*

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## Forward-Looking Indicators (Expectations — Six Months Ahead)

| Indicator | Apr 2026 | Mar 2026 | Change |
|-----------|---------|---------|--------|
| **Business Activity** | 2.9 | 12.7 | -9.8 |
| **Business Climate** | -21.3 | -10.6 | -10.7 |
| **Employment** | 9.4 | 14.9 | -5.5 |
| **Wages** | 39.7 | 45.8 | -6.1 |
| **Prices Paid** | 67.5 | 65.6 | +1.9 |
| **Prices Received** | 35.5 | 34.5 | +1.0 |
| **Capital Spending** | 3.0 | 9.8 | -6.8 |
| **Supply Availability** | -20.5 | -14.1 | -6.4 |

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## Commentaries

### Economist Commentary (Richard Deitz, Economic Research Advisor)

> “Business activity continued to contract in the New York-Northern New Jersey region’s service sector in April, though more slowly than in recent months. Firms reported worsening supply availability, a sharp increase in input prices, and less optimism about the outlook.”

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## Survey Details

- **Number of respondents:** 207
- **Response collection period:** April 2 – April 9, 2026
- **Release time:** April 10, 2026 at 09:30 AM ET

The survey asks executives of service-sector firms about recent and expected trends in key business indicators. It is designed to parallel the Empire State Manufacturing Survey but covers a wider geography (New York State, Northern New Jersey, Fairfield County, CT) and different questions.

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*Source: Federal Reserve Bank of New York, Business Leaders Survey, April 2026.*