Empire State Manufacturing Index Rebounds Sharply in July

The NY Empire State Manufacturing Index fell to 7.1 in February 2026 from 7.7 in January, compared to forecasts of 7. Still, the reading showed that manufacturing activity continued to expand modestly in New York State and firms remained optimistic that conditions would continue to improve, with employment expected to grow. New orders increased (5.8 vs 6.6), while shipments held steady (-1 vs 16.3). Unfilled orders rose (9.1 vs -8.2) and delivery times were slightly longer (4 vs 0). Inventories increased somewhat (7.1 vs -2.1), while supply availability held steady (-1 vs -4.1). Employment (4 vs -9) and the average workweek (2.1 vs -5.4) increased slightly after falling last month. The pace of input price increases (49.1 vs 42.8) and selling price increases (22.2 vs 14.4) picked up. Capital spending plans strengthened (18.2 vs 10.3).

The NY Empire State Manufacturing Index in the US jumped to 7.7 in January 2026 from a revised -3.7 in December, beating forecasts of 1. The reading showed business activity in New York state rose modestly, as new orders increased (6.6 vs -1), and shipments grew at a solid pace (16.3 vs -5). Delivery times were unchanged (0.0 vs -5.9) and inventories edged down (-2.1 vs 4), while supply availability worsened slightly (-4.1 vs -6.9). Employment (-9 vs -7.5) and the average workweek (-5.4 vs 2.5) both declined after increasing over the prior two months. The pace of input price increases was little changed and remained elevated (42.8 vs 44.2), while the pace of selling price increases slowed to its lowest pace in nearly a year (14.4 vs 25.4). Meanwhile, capital spending plans grew modestly for a third consecutive month (10.3 vs 6.9) and firms remained fairly optimistic about the outlook, with half expecting conditions to improve over the next six months.

The NY Empire State Manufacturing Index in the US dropped to -3.9 in December, from a one-year high of 18.7 in November, and worse than forecasts of 10, signaling a return to contraction after two months of expansion. New orders held steady while shipments fell modestly, down 23 points to -5.7. The inventories index came in at 4.0, pointing to a small increase in inventories. Delivery times shortened, unfilled orders decreased, and supply availability worsened. Employment increased modestly and the average workweek edged up. The pace of both input price increases and selling price increases moderated but remained elevated. The prices paid index dropped 11 points to 37.6, its lowest level since January; and the prices received index dropped 4 points to 19.8. Capital spending plans increased somewhat. The index for future business conditions rose 17 points to a near one-year high of 35.7, suggesting firms have become more optimistic that conditions will improve over the next six months.