REGIONAL_FED_MFG
Empire State Manufacturing Survey
The New York Fed’s factory survey is the first regional read of each month — the opening bell for the manufacturing data cycle.
| Published by | Federal Reserve Bank of New York |
|---|---|
| Frequency | Monthly, around the 15th |
| Release time | 8:30 AM ET |
What it measures
A diffusion survey of New York State manufacturers: general conditions, new orders, shipments, employment and prices paid/received. Readings above zero mean expansion.
Why traders watch it
- First out each month, it sets expectations for Philly Fed and the national ISM.
- The prices-paid line doubles as an early inflation-pressure check.
How to read it
- Diffusion indexes are dimensionless — read sign and trend, not magnitude as growth.
- Small sample, big swings: never trade the headline alone; check new orders.
FAQ
Why is the index so volatile?
It is a small-sample diffusion survey of one state. Its value is timing — first print of the month — not precision.
What does a diffusion index mean?
Percent of firms reporting improvement minus percent reporting deterioration. Above zero = expanding; the number is not a growth rate.
Recent releases
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The official source of each release is authoritative. Not investment advice.