Empire State Manufacturing Survey: New York Factory Growth Reaches Fastest Pace Since 2022

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Manufacturing activity in New York State strengthened significantly in May 2026, reaching its fastest rate of growth in more than four years. The Empire State Manufacturing Survey's general business conditions index increased by nine points to 19.6, its highest level since April 2022, signaling a notable improvement in business activity across the sector.



The expansion was driven by strong demand, as new orders rose sharply to 22.7, their highest reading in over four years. Shipments also remained healthy, with an index of 18.9, while unfilled orders continued to build for the fourth consecutive month, suggesting that manufacturers are receiving more business than they can immediately process.

Despite the strong demand environment, supply chain pressures intensified. Delivery times lengthened considerably, with the delivery time index climbing to 20.4, the highest level in four years. At the same time, supply availability remained constrained, as indicated by a negative reading of -10.7, pointing to ongoing difficulties in obtaining necessary materials and inputs.

Price pressures also accelerated. Both input costs and selling prices increased at their fastest pace since 2022. The prices paid index, which measures changes in manufacturers' costs, surged by 11.6 points to 62.6, highlighting a sharp rise in expenses that businesses are facing.

Labor market conditions remained positive, with firms reporting continued increases in employment and average hours worked, reflecting steady growth in workforce demand.
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