Empire State manufacturing index unexpectedly weakens
By Benjamin Chiou
Date: Monday 15 Sep 2025
(Sharecast News) - Business activity across New York State's manufacturing region unexpectedly declined, according to a closely followed survey on Monday by the New York Federal Reserve, as new orders and shipments both fell sharply.
The headline general business conditions index of the Empire State Manufacturing Survey sank 21 points to -8.7 in September, marking its first negative reading since June.
This was down from 11.9 in August and below the consensus forecast of 5.0, marking the sixth time in nine months that activity has contracted so far this year.
The new orders index dropped 35 points to -19.6, while the shipments indicator fell 30 points to -17.3, with both measures hitting their lowest since April 2024.
The employees indicator came in at around zero, suggesting that employment was little changed after three straight months of gains, while the future employment index also fell to near zero.
"Manufacturing activity declined modestly in New York State in September, with the survey's headline index turning negative on the heels of positive readings over the summer," said Richard Deitz, economic research adviser at the New York Fed.
"Optimism about the outlook remained muted and employment levels are expected to be flat over the next six months."
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