Market Data
December 15, 2025
Manufacturing in New York state contracts in December
Written by Ethan Bernard
Business activity in New York state retreated in December, according to the Empire State Manufacturing Survey conducted by the Federal Reserve Bank of New York.
The headline general business conditions index tumbled 22.6 points to -3.9 this month, after having reached the highest level in a year in November.
“Manufacturing activity contracted slightly in New York State in December after rising over the prior two months,” Richard Deitz, economic research advisor at the New York Fed, said in a statement on Monday.
He noted price increases slowed for a second consecutive month but remained elevated.
However, Dietz added, “Firms became increasingly optimistic about the outlook for the months ahead.”
The index for future business conditions jumped 16.6 points month over month to 35.7. That’s the highest level since January.
The full report is available here.
The Empire State Manufacturing Index is a diffusion index. A positive reading signifies expansion from the prior month, zero indicates no change, and a negative reading signifies contraction. Responses were collected between Dec. 2 and Dec. 9.
Trends
To smooth monthly fluctuations and better highlight trends, the index can be calculated as a three-month moving average (3MMA).
On that basis, the index improved by 1.6 points to 8.5 (see Figure 1). This is the highest 3MMA reading since it touched 10.3 in November 2024.
