Markets · Low impact

Empire State and Philadelphia Fed Manufacturing Surveys (October)

Oct 15, 2026, 8:30 a.m. ET

The first factory surveys of the month, from the New York and Philadelphia Federal Reserve banks. They often move less than the national data but give an early read on orders and prices paid.

Previous: Empire State 7.6 · Philadelphia Fed 37.8 (September)

Expected: Empire State 10.3 · Philadelphia Fed 28.4 (Trading Economics consensus)

Actual: Empire State 25.5 · Philadelphia Fed 20.9

The two surveys pointed in opposite directions. New York's general business conditions index jumped to 25.5 from 7.6, far above the 10.3 forecast, while the Philadelphia Fed's fell to 20.9 from 37.8, below the 28.4 expected. In Philadelphia new orders dropped about 25 points to 4.3 and prices paid stayed high at 43.2.

With the producer price index and retail sales released at the same minute, the surveys had little visible effect of their own. Treasury yields fell through the session and the Dow closed 1.08% higher.