FX.co ★ NY State Business Activity Shrinks Less Than Expected

The New York Empire State Manufacturing Index observed an uptick to -8.1 in April 2025, rising from -20 in March, which marked the lowest point since May 2023. This improvement surpassed expectations of -14.5 but indicated a slight decline in business activity across New York State. The data revealed that new orders decreased to -8.8 from -14.9 reported in March, while shipments also experienced a reduction, moving to -2.9 from -8.5. Delivery times remained unchanged at 0 compared to 1, yet supply availability deteriorated, increasing to 4.1 from -2. Additionally, inventories continued their upward trend with a reading of 7.4, down from 13.3, and employment saw little variation, adjusting to -2.6 from -4.1. Conversely, the average workweek contracted further, reaching -9.1 from -2.5. On the inflation front, both input prices surged to 50.8 from 44.9, and selling prices climbed to 28.7 from 22.4, marking the fastest acceleration in over two years. Businesses expressed growing pessimism about future prospects, as evidenced by the decline in the future general business conditions index to -7.4, its second lowest on record.