FX.co ★ NY Manufacturing Activity Rises the Most in Over 4 Years

The NY Empire State Manufacturing Index unexpectedly climbed to 19.6 in May 2026 from 11.0 in April, well above market expectations of 7.5. This reading indicates that manufacturing activity in New York State expanded at its fastest pace in more than four years.

New orders (22.7 vs. 19.3) and shipments (18.9 vs. 20.2) both posted strong gains for a second consecutive month, while unfilled orders also increased (4.9 vs. 9.1). Employment (8.3 vs. 9.8) and the average workweek (11.5 vs. 13.7) continued to rise.

At the same time, delivery times lengthened markedly (20.4 vs. 12.1), and supply availability deteriorated further (-10.7 vs. -10.1). Price pressures intensified, with the index for input prices jumping to 62.6 from 51.0 and the index for selling prices rising to 31.8 from 21.8.

Looking ahead, firms became more optimistic about the six-month outlook (33.5 vs. 19.6). Businesses expect employment to continue to grow, although capital spending plans remain modest. Respondents also anticipate that prices will keep rising and that supply availability will worsen.