United States NY Empire State Manufacturing Index

Latest figures

The latest release for OCT, published on 15 October 2026, came in at 25.50, above the consensus of 10.3, up from 7.60 the time before.

A stronger figure than expected points to a healthier economy: it usually supports the US dollar and local stocks, and can push bond yields up.

Over the last 12 releases it ranged from -3.90 to 25.50, averaging 11.25.

See it in the economic calendar →

Why it matters

These surveys come out before the national ISM and PMI, so traders use them as early clues to the month. The New York (Empire State) and Philadelphia surveys, released mid-month, get the most attention; components such as prices paid and new orders give early signals on inflation and demand.

How it is calculated

Firms report whether conditions improved or worsened; the index is the percentage reporting increases minus the percentage reporting decreases. Zero is the dividing line (except the Chicago PMI, where it is 50).

Index = % reporting increase − % reporting decrease

What changes mean

• Readings swing widely month to month; several surveys moving together are more meaningful.
• Expectations six months ahead show how confident firms feel.

A short history

The Philadelphia Fed's Manufacturing Business Outlook Survey began in 1968, the Empire State survey in 2001; the other regional banks added theirs over the following decades.

Questions