FX.co ★ New York Manufacturing Activity Surprisingly Accelerates

The New York Fed’s Empire State Manufacturing Index rose to 20.6 in August 2026, up from 15.6 in July and easily surpassing market expectations for a decline to 11. The latest figures indicate that manufacturing activity in New York State expanded for a second consecutive month and at the fastest pace since late 2021, supported by continued strengthening in both new orders and shipments.

At the same time, unfilled orders increased markedly, accompanied by significantly longer delivery times. Declining inventories pointed to a further tightening in supply availability. Employment and the average workweek both recorded modest gains, while input cost pressures intensified. Selling prices continued to rise at a relatively strong pace, though the rate of increase eased for the second straight month.

Despite ongoing cost and supply-side pressures, firms remained optimistic about the outlook for future business activity.