NY Fed Empire State Manufacturing Survey

Data PMI

Source: New York Fed
Source Link: https://www.newyorkfed.org/
Frequency: Monthly
Next Release(s): September 15th, 2025 8:30 AM

Latest Updates

The Empire State Manufacturing Survey’s General Business Conditions index rose 6 pts to 11.9 in August, the highest since November 2024, marking a second consecutive month of expansion.
- New Orders climbed 13.4 pts to 15.4, indicating a solid pickup in demand.
- Shipments held steady at 12.2, pointing to continued growth in deliveries.
- Inventories fell sharply, with the index dropping -22.0 pts to -6.4 after last month’s strong rise.
- Prices Paid fell -1.9 pts to 54.1, showing input cost pressures remain steep, while Prices Received eased -2.8 pts to 22.9, indicating more moderate selling price increases.
- The Employment index fell -4.8 pts to 4.4, and the Average Employee Workweek index dropped -4.0 pts to 0.2.
- The Future General Business Conditions index fell 8 pts to 16.0, showing firms expect growth ahead but with less optimism than last month.
Source
The Empire State Manufacturing Survey’s General Business Conditions index rose 21.5 pts to 5.5 in July, rebounding from -16.0 in June and marking the first positive reading since March.
- New Orders rose 16.2 pts to 2.0 (from -14.2), returning to expansion territory.
- Shipments jumped 18.7 pts to 11.5 (from -7.2), the strongest reading since early 2024.
- The share of firms reporting higher General Business Conditions more than doubled to 32.4% (from 16.9%).
- Despite the improvement, only modest gains were reported across key components, indicating a tentative rebound rather than strong growth.
- Prices Received dipped slightly by -0.9 pts to 25.7, while Prices Paid jumped 9.2 pts to 56.0. This divergence points to margin compression in June.
- 56.9% of firms reported paying higher prices, up from 49.5% in June.
- Only 0.9% of firms reported lower input prices, while no change was reported in those receiving higher selling prices (29.4%).
- The Number of Employees index increased 4.5 pts to 9.2, continuing a gradual hiring trend.
Source
The Empire State Manufacturing Survey’s General Business Conditions index fell -6.8 pts to -16.0 in June, the fourth consecutive month of contraction and the lowest since January.
- New Orders dropped -21.2 pts to -14.2, and Shipments fell -10.7 pts to -7.2, both reversing last month’s gains.
- Prices Paid fell -12.2 pts to 46.8, while Prices Received rose 3.7 pts to 26.6, showing a mixed picture for inflation pressures.
- Employment rose for the first time since January, with the index up 9.8 pts to 4.7, while the Average Workweek held nearly flat at -1.5.
- Supply availability remained tight with the index at -8.3, slightly better than May’s -11.4.
- Future General Business Conditions surged 23.2 pts to 21.2, marking the first optimistic outlook since March.
Source
The Empire State Manufacturing Survey General Business Conditions index was little changed in May, dropping -1.1 pts to -9.2 (vs -10.0 expected), marking the third straight month of contraction.
- New Orders rebounded 15.8 pts to 7.0, and Shipments increased 6.4 pts to 3.5, both turning positive from a contraction in April.
- Prices Paid jumped 8.2 pts to 59.0, the highest since early 2022, while Prices Received fell actually fell -5.8 pts to 22.9.
- Employment (-5.1) and Average Workweek (-3.4) both declined modestly.
- Supply availability worsened (index at -11.4), while Inventories continued to rise (4.8) but at a slightly slower pace.
- The Future Business Conditions index stayed negative at -2.0 after a 5.4 pt increase.
Source
The Empire State Manufacturing Survey General Business Conditions index 11.9 pts to -8.1 in April, beating forecasts of a rise to -14.5.
- The New Orders and Shipments indexes both bounced from March drops, up 6.1 pts to -8.8 and up 5.6 pts to -2.9 respectively.
- The Unfilled Orders index grew 6.1 pts to 4.1, the highest value since mid-2022, and inventories continued to build at a moderate pace.
- Prices Paid and Prices Received extended their rises, up 5.9 pts to 50.8 and up 6.3 pts to 28.7 respectively. Both are near three year highs.
- The Employment index recovered slightly, up 1.5 pts, but was still negative at -2.6. Meanwhile, the average workweek indicator dropped further into contraction, down -6.6 pts to -9.1.
Source
The Empire State Manufacturing Survey's General Business Conditions index crashed -25.7 pts to -20.0 in March, the lowest since January 2024 and well below expectations of a -0.8 reading.
- New Orders crashed -26.3 pts to -14.9, and Shipments fell -22.7 pts to -8.5.
- Prices Paid and Prices Received both continued to rise, up 4.7 pts and 2.8 pts to 44.9 and 22.4, respectively.
- The Number of Employees index was still slightly negative at -4.1, down -0.5 pts.
- Forward looking indicators of conditions and new orders both fell but remained slightly positive.
Source
The Empire State Manufacturing Survey Business Conditions index improved 18.3 pts to 5.7 in February, above expectations of an improvement to -1.0.
- The New Orders and Shipments indexes saw strong bounces of 20.0 pts to 11.4 and 15.9 pts to 14.2, respectively.
- The Prices Paid and Prices Received indexes both increased substantially in February to around two year highs. Prices Paid was up 11.1 pts to 40.2, likely impacted by trade policy changes.
- The Number of Employees measures returned to contractionary territory, falling -4.8 pts to -3.6, but the Average Employee Workweek actually improved by 13.9 pts to -1.2.
- Forward-looking indicators were most pessimistic, with New Orders and Shipments falling to mid-2024 lows. The future Prices Paid and Prices Received indexes remained at 2-year highs.
Source
The Empire State Manufacturing Survey General Business Conditions index fell -14.7 pts to -12.6 in January. The New Orders index fell -12.9 pts to -8.6, and the Shipments index fell -10.8 pts to -1.7 as demand and activity flipped to contraction to start 2025.

Price pressures were on the rise in January. The Prices Paid index grew 8.0 pts to 29.1, and the Prices Received index grew 5.1 pts to 9.3. The forward-looking indicators of these indexes both saw large increases and were at the highest readings since late 2022.

The Number of Employees index improved 7.8 pts to 1.2 as hiring returned to expansionary territory. Despite that, the Average Employee Workweek index dropped significantly, by -12.8 pts, to -15.1, the worst decline in hours worked since early 2023.

Source
The New York Fed Empire State Manufacturing Survey’s General Business Conditions index snapped back to a flat reading at 0.2 in December, down from 31.2 in November and below expectations of a decline to 6.4. Both the New Orders and the Shipments indexes cools by over twenty points, dropping to 6.1 and 9.4 respectively. Prices Paid and Prices Received both dropped as well, but Prices Paid remains above the 20 level at 21.1 after a -6.7 pt drop. Employment flipped back from a slight increase of 0.9 to a slight decline of -5.8. Expectations of business conditions and demand also cools, but both remained solidly positive.

Source