FX.co ★ Empire State Manufacturing Index Rebounds Sharply in July

The Empire State Manufacturing Index in New York witnessed a notable surge to 5.5 in July 2025, marking its first positive figure since February. This is a significant rebound from June's -16.0 and greatly surpasses market expectations of -9.0. The unexpected upswing indicates a revival in business activity across New York State, following a prolonged period of decline. New orders saw an increase (rising to 2.0 from June's -14.2), and shipments similarly rose (recording 11.5 compared to the previous -7.2). Delivery times extended (increasing to 8.3 from 1.8), while supply availability continued to deteriorate (-6.4 from -8.3). Inventories notably expanded (rising to 15.6 from 0.9). On the employment front, there was an uptick (9.2 compared to 4.7), marking the second consecutive month of growth, with the average workweek also lengthening (4.2 from -1.5). In terms of pricing, input cost pressures heightened (56.0 from 46.8), though increases in selling prices remained stable (25.7 compared to 26.6). Companies expressed increased optimism as the future business conditions index climbed to 24.1, indicating anticipated growth in activity.