Empire State Index falls further in June

The New York Empire State Manufacturing Index worsened in June 2025, remaining in negative territory. The indicator dropped to -16 points, down from -9.20 in May, and came in well below analysts’ expectations, which had forecast a rise to -5.9.

This index gauges manufacturing conditions in the New York Federal Reserve district. A value above zero indicates that most firms are seeing improving conditions, while a value below zero reflects a deterioration.

Looking at its components, new orders sharply declined from 7 to -14.2 points, while shipments fell from +3.5 to -7.2 points. Meanwhile, inventories posted a slight increase, rising from +4.8 to +0.9 points.