New York Fed manufacturing index jumps to 15.6 in July, far above expectations

The general business conditions index of the New York Fed's Empire State Manufacturing Survey rose to 15.6 in July, about 10 points higher than June's 5.7 and well above analysts' expectations of only a slight rise to around 6 points. A positive reading signals expanding factory activity in New York State.

According to the report released on Wednesday, July 15, 2026, new orders and shipments increased strongly, employment rose at a solid clip, and firms stayed somewhat optimistic about improving conditions in the months ahead, though the pace of input and selling price increases remained elevated while slowing slightly. The survey is one of the first monthly gauges of US manufacturing for July.