The New York Fed's Empire State Manufacturing Index rose to 20.6 in August 2026 from 15.6 in July, marking a second straight month of expansion in New York State factory activity and the strongest reading since early 2022, or roughly a four-year high. The reading topped estimates, although forecast references have varied, with the latest market coverage citing 11 and an earlier Wall Street Journal consensus at 12. The survey showed broad-based strength, with new orders at 17.3, shipments at 11.7 and unfilled orders at 15.5. Delivery times lengthened to 20.6 and the supply availability index stayed negative at -13.4, indicating sourcing strains persisted. Labor conditions improved, with the number of employees index at 9.3 and the average workweek at 6.9. Firms remained optimistic, with the future business conditions index at 32.1, even as prices paid at 58.6 and selling prices at 22.7 pointed to continued input-cost pressure and only partial pass-through.