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Introducing the New York Innovation Center: Delivering a central bank innovation execution
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See the world's largest accumulation of gold as you learn about the New York Fed and Federal Reserve System on a free tour.
The latest Annual Report chronicles the impact of Federal Reserve policies and includes data on the New York Fed's operations.
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The mission of the Applied Macroeconomics and Econometrics Center (AMEC) is to provide intellectual leadership in the central banking community in the fields of macro and applied econometrics.
The Center for Microeconomic Data offers wide-ranging data and analysis on the finances and economic expectations of U.S. households.
The monthly Empire State Manufacturing Survey tracks the sentiment of New York State manufacturing executives regarding business conditions.
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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.
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The New York Fed provides a wide range of payment services for financial institutions and the U.S. government.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.
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We are connecting emerging solutions with funding in three areas—health, household financial stability, and climate—to improve life for underserved communities. Learn more by reading our strategy.
The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
This Economist Spotlight Series is created for middle school and high school students to spark curiosity and interest in economics as an area of study and a future career.
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.
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The monthly survey of manufacturers in New York State conducted by the Federal Reserve Bank of New York.
Note: Survey responses were collected between November 2 and November 9.
Download the full report 
Read this month's Supplemental Survey Report to be released on November 16 at 8:30 a.m. This month's topic: Supply chain and workforce issues.
Business activity grew strongly in New York State, according to firms responding to the November 2021 Empire State Manufacturing Survey. The headline general business conditions index climbed eleven points to 30.9. New orders and shipments posted substantial increases, and unfilled orders rose. Delivery times were significantly longer. Employment grew at its fastest pace on record, and the average workweek increased. The prices paid index held near its record high, and the prices received index reached a new peak. Firms planned significant increases in capital and technology spending. Looking ahead, firms remained optimistic that conditions would improve over the next six months, though optimism dipped.
Manufacturing activity grew swiftly in New York State, according to the November survey. The general business conditions index climbed eleven points to 30.9. Forty-three percent of respondents reported that conditions had improved over the month, while 12 percent reported that conditions had worsened. The new orders index rose five points to 28.8, and the shipments index shot up nineteen points to 28.2, indicating strong growth in both orders and shipments. The unfilled orders index edged down to 12.7. The delivery times index came in at 32.2, indicating significantly longer delivery times. Inventories increased modestly.
The index for number of employees rose nine points to 26.0, a record high, and the average workweek index increased eight points to 23.1, pointing to strong gains in employment and hours worked. The prices paid index edged up four points to 83.0, and the prices received index moved up seven points to a record high of 50.8, signaling ongoing substantial increases in both input prices and selling prices.
Firms were less optimistic about the six-month outlook than they were last month, with the index for future business conditions falling fifteen points to 36.9. The indexes for future new orders and shipments fell to similar levels. Longer delivery times, higher prices, and increases in employment are all expected in the months ahead. The capital expenditures index climbed three points to 34.7, and the technology spending index ticked up to 28.0, suggesting that firms plan significant increases in both capital spending and technology spending.
Tech help: nyrsf.webteam@ny.frb.org
Questions about survey/data: richard.deitz@ny.frb.org or (716) 849-5025; jason.bram@ny.frb.org or (212) 720-5651
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Latest Report including charts of diffusion indexes
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; jason.bram@ny.frb.org or (212) 720-5651
