Market Data
November 17, 2025
New York state manufacturing activity surges in November
Written by Kristen DiLandro
Manufacturing activity in New York state was slightly elevated in early November, according to the Empire State Manufacturing Survey from the Federal Reserve Bank of New York. In the survey conducted Nov. 3-10, the responding firms forecast improvements in business conditions but reported feeling less optimistic than last month.
“Manufacturing activity grew at a solid pace in New York State, with the survey’s headline index reaching its highest level since last November,” said New York Fed Economic Research Advisor Richard Deitz. He added, “Both employment levels and hours worked rose modestly. While firms expect conditions to improve, optimism for the future dipped.”
The full release is available here.
The General Business Conditions Index increased by eight points in November to 18.7. It’s the fourth positive reading in the last five months and its highest level since November 2024 (Figure 1).
This is a diffusion index, where a positive reading signifies expansion from the prior month; zero indicates no change, and a negative reading signifies contraction.
The Empire State Manufacturing Survey notes that new orders and shipments increased, inventories expanded, and capital spending plans grew.
The labor market demonstrated modest improvements which indicate a lift in employment and longer average workweeks.
Simultaneously, delivery times lengthened, supply availability is slightly worse, and the pace of input prices and selling prices slowed.
At the same time, while firms expect conditions to improve in the months ahead, their optimism about general business conditions fell to 19.1, an 11-point tumble from its October high.
