U.S. December Empire State Manufacturing Survey - Correction from strong November
December’s Empire State manufacturing index at -3.9 versus 18.7 has corrected from a 12-month high, though remains within this year’s range and the series is volatile. November was well above trend both in 2024 and 2025.
Current month detail shows new orders at 0.0 from 15.9 and employment firmer at 7.3 from 6.6. Six month expectations for activity at 35.1 from 19.1 are at their highest since January.
Price indices are on balance softer with current month prices paid at 37.6 from 49.0 the lowest since January and current month prices received at 19.8 from 24.0 the lowest since February.
Six month expectations for prices paid at 55.4 from 62.5 are also the lowest since January but six month expectations for prices received at 46.5 from 41.3 are the highest since April 2022. The tariff impact may be fading but companies may still have some pricing power.
