Empire State Manufacturing Report Beats Expectations

Source: Dukascopy Bank SA
In July 2025, manufacturing activity in New York State showed a modest recovery, according to the Empire State Manufacturing Survey. The General Business Conditions Index rose sharply by 22 points to 5.5, marking its first positive reading since February.

New orders edged up, with the index increasing by 16 points to 2.0, while the shipments index rose 19 points to 11.5, reaching its highest level in several months. Although unfilled orders declined, inventories increased notably, as indicated by a 15-point rise in the inventories index to 15.6. Delivery times lengthened slightly, and supply availability continued to deteriorate, with the supply index remaining negative at -11.0. The labor market showed further improvement. The number of employees index rose by 5 points to 9.2, and the average workweek index increased to 4.2. This is the first time since 2022 that both employment and workweek measures have been positive, signaling increases in both hiring and hours worked. Input price pressures intensified, with the prices paid index rising 9 points to 56.0, while the prices received index held steady at 25.7, suggesting that selling price increases remained moderate.
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