-
-
The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
Do you have a request for information and records? Learn how to submit it.
Learn about the history of the New York Fed and central banking in the United States through articles, speeches, photos and video.
-
-
-
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
-
-
-
The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
-
-
The monthly survey of manufacturers in New York State conducted by the Federal Reserve Bank of New York.
Data have undergone an annual benchmark revision. Some historical data have been revised to reflect new seasonal factors.
Survey responses were collected between January 2 and January 9.
Business activity rose modestly in New York State in January, according to firms responding to the Empire State Manufacturing Survey. After dipping slightly below zero last month, the headline general business conditions index climbed eleven points to 7.7. New orders increased, and shipments grew at a solid pace. Delivery times were unchanged and inventories edged down, while supply availability worsened slightly. Employment and the average workweek both declined after increasing over the prior two months. The pace of input price increases was little changed and remained elevated, while the pace of selling price increases slowed to its lowest pace in nearly a year. Capital spending plans grew modestly for a third consecutive month. Firms remained fairly optimistic about the outlook, with half expecting conditions to improve over the next six months.
Manufacturing activity increased in New York State, according to the January survey. The general business conditions index rose eleven points to 7.7, returning to positive territory after a small dip below zero in December. New orders and shipments increased, with the new orders index rising eight points to 6.6 and the shipments index climbing twenty-one points to 16.3, its highest level in over a year. Unfilled orders decreased. Inventories edged down and delivery times were unchanged. The supply availability index came in at -4.1, suggesting supply availability was slightly worse than last month.
The index for number of employees fell seventeen points to -9.0, its lowest reading in two years, while the average workweek index fell eight points to -5.4, suggesting a decrease both in employment levels and in hours worked. The prices paid index held steady at 42.8, indicating input price increases remained elevated, and the prices received index dropped eleven points to 14.4, its lowest level since February 2025, pointing to slowing in selling price increases.
Firms remained fairly optimistic about the outlook. The index for future business conditions came in at 30.3, with about half of respondents expecting conditions to improve over the next six months. New orders and shipments are expected to increase. Supply availability is expected to be unchanged. Firms continue to anticipate significant price increases, though somewhat less so than in recent months. The capital expenditures index rose three points to 10.3, pointing to ongoing modest capital spending plans.
Tech help: nyrsf.webteam@ny.frb.org
Questions about survey/data: richard.deitz@ny.frb.org or (716) 849-5025
2026
|
JAN
|
FEB
|
MAR
|
APR
|
|
15 report
 |
17
|
16
|
15
|
|
MAY
|
JUN
|
JUL
|
AUG
|
|
15
|
15
|
15
|
17
|
|
SEP
|
OCT
|
NOV
|
DEC
|
|
15
|
15
|
16
|
15
|
Participants from across the state in a variety of industries respond to a questionnaire and report the change in a variety of indicators from the previous month. Respondents also state the likely direction of these same indicators six months ahead. April 2002 is the first report, although survey data date back to July 2001.
The survey is sent on the first day of each month to the same pool of about 200 manufacturing executives in New York State, typically the president or CEO. About 100 responses are received. Most are completed by the tenth, although surveys are accepted until the fifteenth.
For demonstration only:
Sample
survey 1 page / 44 kb
Respondents come from a wide range of industries from across the New York State. No one industry dominates the respondent pool.
The survey's main index, general business conditions, is not a weighted average of other indicators—it is a distinct question posed on the survey. Each index is seasonally adjusted when stable seasonality is detected.
Revisions
Each January, all data undergo a benchmark revision
to reflect new seasonal factors.
Seasonal Adjustment
The Empire State Manufacturing Survey seasonally adjusts data based on the Census X-12 additive procedure utilizing a logistic transformation.
The "increase" and "decrease" percentage components of the diffusion indexes are each tested for seasonality separately and adjusted accordingly if such patterns exist. If no seasonality is detected, the component is left unadjusted. The "no change" component contains the residual, computed by subtracting the (adjusted) increase and decrease from 100. Seasonal factors are forecast in December for the upcoming year.
Data are adjusted using a logistic transformation. The not-seasonally adjusted series, expressed in decimal form (referred to as "p"), is transformed using the following equation:
X = log(p/(1-p))
The seasonal factor is then subtracted from X:
adjX = X - seasonal factor
The result is then transformed using the following equation:
SA Series = exponential(adjX)/(1+exponential(adjX))
To view the Seasonal Factors data, please click on the “Data & Charts” tab.
Data definitions
1 page / 15 kb
Contacts
Tech help: nyrsf.webteam@ny.frb.org
Questions about survey/data: richard.deitz@ny.frb.org or (716) 849-5025
