NY Empire State Index

Who: Federal Reserve Bank of New York
When: Monthly
What: The survey is from a group of manufacturers across New York in a variety of industries. The participants respond to a questionnaire and report the change of indicators from the previous month. Respondents also state the likely direction of the same indicators for the next six months ahead.
Why: Manufacturing is a major sector and markets look to this report for some guidance as to how well this sector is doing. Clues on future commodity prices and inflationary pressures can be seen from the results of the survey. The Fed watches for inflation pressures on the manufacturing sector. This regional report gives an earlier look than the two more closely watched national reports, ISM Manufacturing and Chicago PMI.

Readings below zero in the index indicate a contraction in the manufacturing sector, while readings above zero indicate an expansion.