FX.co ★ Manufacturing Activity in NY Declines in September

The Empire State Manufacturing Index for New York experienced a decline to -8.7 in September 2025, marking its lowest level in three months, a notable drop from August's figure of 11.9 and the anticipated forecast of 5. This indicates a moderate contraction in manufacturing activity across New York State. Specifically, there were notable decreases in new orders, which plummeted to -19.6 from 15.4, and in shipments, which fell to -17.3 from 12.2. On other fronts, delivery times remained stagnant at 0.0, down from 17.4, while unfilled orders saw a slight deterioration, moving from -5.5 to -6.9. Inventories continued on their downward trajectory for a second month, slipping to -4.9 from -6.4, and employment levels remained largely unchanged at -1.2, down from 4.4. Additionally, the average workweek saw a modest reduction, declining from 0.2 to -5.1. Regarding pricing trends, input prices sustained a high level, registering at 46.1, though this was slightly down from 54.1, while increases in selling prices remained moderate, showing a slight dip from 22.9 to 21.6. According to Richard Deitz, Economic Research Advisor at the New York Fed, "Optimism concerning future prospects remains subdued, with expectations that employment levels will remain stable over the forthcoming six months."