FX.co ★ New York Manufacturing Growth Slows More than Expected

The New York Fed’s Empire State Manufacturing Index declined 13 points to 7.6 in September 2026 from 20.6 in August, falling short of market expectations of 14.75 and signaling a moderation in manufacturing activity. New orders rose only slightly, while shipments slipped, and unfilled orders increased as delivery times lengthened markedly. Supply availability continued to worsen as well. Employment conditions remained firm, with the employment index at 10.6, and the average workweek index jumping 10 points to 17, its highest reading in nearly five years. At the same time, inflationary pressures strengthened: the prices paid index climbed five points to 63.1, edging above its recent four-year high, while the prices received index increased to 28.1. Despite rising costs, manufacturers stayed optimistic about the outlook, with the future business conditions index at 29 and firms anticipating stronger orders, shipments, and employment in the coming months.