The NY Empire State Manufacturing Index fell to -0.2 in March 2026 from 7.1 in February, coming in well below market expectations of 3.2. The latest reading indicates that overall manufacturing activity was essentially flat in New York State during the month.
New orders picked up modestly (6.4 vs 5.8), but shipments declined (-6.9 vs -1). Unfilled orders increased (10.8 vs 9.1), delivery times lengthened (13.7 vs 4), and supply availability deteriorated slightly (-3.9 vs -1). Inventories rose (6.9 vs 7.1), employment posted a modest gain (5.8 vs 4), and the average workweek edged up (1.9 vs 2.1).
The pace of input price increases slowed markedly but remained elevated (36.6 vs 49.1), while selling price inflation was little changed (21.4 vs 22.2). Looking ahead, firms stayed optimistic that business conditions will improve in the coming months (31 vs 34.7), and capital spending plans strengthened (21.6 vs 18.2).
