USA Empire Manufacturing Well Above Expectations
Economics Research 17 August 2026 | 9:23AM EDT
USA: Empire Manufacturing Well Above Expectations
BOTTOM LINE: The Empire manufacturing index increased to 20.6 in August to its Jan Hatzius | highest level since December 2021, well above consensus expectations. The Goldman Sachs & Co. LLC
composition of the report was mixed-to-weak. The new orders, shipments, and David Mericle | employment components all softened, though all three remained at healthy levels. Goldman Sachs & Co. LLC The prices paid components—both current and expected—increased. Alec Phillips | US MAP: Goldman Sachs & Co. LLC
Ronnie Walker Empire manufacturing index +4 (2, +2) | Goldman Sachs & Co. LLC KEY NUMBERS: Elsie Peng | Empire manufacturing index 20.6 for August vs. median forecast 10.0, prior 15.6 Goldman Sachs & Co. LLC
Pierfrancesco Mei MAIN POINTS: | Goldman Sachs & Co. LLC 1. The Empire manufacturing index increased by 5.0pt to 20.6 in August to its highest Jessica Rindels level since December 2021, well above consensus expectations. The composition of | the report was mixed-to-weak, with the new orders (-4.9pt to 17.3), shipments Goldman Sachs & Co. LLC
(-12.7pt to 11.7), and employment (-2.1pt to 9.3) all declining, though all three Abhay Duggirala | components remained at healthy levels. The prices paid components—both current Goldman Sachs & Co. LLC (+6.3pt to 58.6) and expected (+4.7pt to 57.7)—increased. The current prices received component declined (-4.9pt to 22.7) while the expected prices received component increased (+6.8pt to 48.7). The 6-months-ahead business conditions index increased 4.2pt to 32.1.
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Diffusion Current Prices Received Current Prices Paid Diffusion index index
100 Expected Prices Received Expected Prices Paid 100
Source: Goldman Sachs Global Investment Research, Federal Reserve
Diffusion index Empire Manufacturing (left) Diffusion index GS Manufacturing Survey Tracker (right) 40 65
Source: Goldman Sachs Global Investment Research, Federal Reserve
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