The New York Empire State Manufacturing Index climbed to 11.9 in August 2025, the highest since November 2024, up from 5.5 in July and well above market expectations of 0, signaling a strong pickup in manufacturing activity. Both new orders (15.4 vs 2.0 in July) and shipments (12.2 vs 11.5) advanced. Delivery times lengthened sharply (17.4 vs 8.3), while supply availability deteriorated slightly (-5.5 vs -6.4). At the same time, Inventories fell (-6.4 vs 15.6) after expanding last month. On the labor front, employment inched up (4.4 vs 9.2) while the average workweek was little changed around zero. In terms of prices, input cost pressures remained elevated (54.1 vs 56.0) and selling prices eased slightly (22.9 vs 25.7). Firms stayed positive on the outlook, though optimism moderated, with the future business conditions index falling to 16.0, compared with 24.1 in July.