Federal Reserve district · NY

New York

Increased slightly, led by manufacturing; little improvement expected outside it. (October 2026)

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Edition	Score	Outlook	In brief
October 2026	+1.0	0.0	Increased slightly, led by manufacturing; little improvement expected outside it.
August 2026	+1.0	0.0	Increased modestly with manufacturing strength; little improvement expected.
July 2026	+1.0	+1.0	Increased modestly as services picked up; businesses became more optimistic.
May 2026	+1.0	+1.0	Increased slightly after a sustained period of weakness
April 2026	−1.0	0.0	Continued to decline modestly; little improvement expected.
February 2026	−1.0	+0.5	Declined modestly despite a small manufacturing pickup.
January 2026	−1.0	0.0	Continued to decline modestly; little improvement expected.
November 2025	−1.0	0.0	Declined modestly; little improvement expected.
October 2025	−1.0	0.0	Continued to decline slightly; little increase expected.
August 2025	−1.0	−1.0	Declined slightly; outlook slightly pessimistic.
July 2025	−1.0	0.0	Declined modestly; businesses became more neutral on the outlook.
May 2025	−1.0	−2.0	Declined modestly; capital spending plans fell, outlook quite pessimistic.
April 2025	−1.0	−1.0	Contracted modestly; outlooks darkened, declining activity expected.
February 2025	0.0	−1.0	Little changed; businesses notably less optimistic.
January 2025	+1.0	+1.0	Increased slightly; strong holiday sales, manufacturing declined moderately.
November 2024	+0.5	+0.5	Up slightly, led by manufacturing.
October 2024	0.0	+0.5	Little changed.
August 2024	0.0	0.0	Remained flat.
July 2024	0.0	−0.5	Little changed.
May 2024	+0.5	0.0	Grew slightly.
April 2024	0.0	0.0	Remained flat.
February 2024	0.0	+0.5	Flattened after weakness.
January 2024	−0.5	+0.5	Declined slightly.
November 2023	−1.0	−0.5	Continued to weaken.
October 2023	−1.0	−0.5	Weakened modestly.
August 2023	0.0	0.0	Held steady.
June 2023	0.0	0.0	Stabilized after weakness.
May 2023	−1.0	−0.5	Declined at a moderate pace.
April 2023	0.0	0.0	Little changed; finance deteriorated sharply.
February 2023	0.0	+0.5	Leveled off after sharp contraction.
January 2023	−2.0	−1.0	Contracted, sharp manufacturing decline.
November 2022	−1.0	−1.0	Declined modestly.
October 2022	−1.0	−1.0	Contracted at a modest pace.
August 2022	−1.0	−0.5	Contracted modestly.
July 2022	0.0	−0.5	Slowed to a crawl.
May 2022	+0.5	0.0	Growth slowed to a modest pace.
April 2022	+1.0	0.0	Growth picked up to a moderate pace.
February 2022	0.0	+1.0	Growth stalled.
January 2022	0.0	+0.5	Grew at a subdued pace.
November 2021	+0.5	+1.0	Grew at a modest pace.
October 2021	+0.5	+1.0	Growth slowed to a modest pace.
August 2021	+0.5	+1.0	Growth moderated.
July 2021	+2.0	+1.5	Continued to grow at a strong pace.
May 2021	+2.0	+1.5	Continued to grow strongly.
April 2021	+2.0	+1.0	Grew at a strong pace for the first time in the pandemic.
February 2021	−1.0	+1.0	Declined modestly; service sector weak.
January 2021	−1.0	+0.5	Activity weakened moderately.
November 2020	0.0	−0.5	Flat.
October 2020	+0.5	+0.5	Grew slightly.
August 2020	0.0	0.0	Growth stalled.
July 2020	+1.0	+0.5	Rebounded moderately.
May 2020	−2.0	−1.5	Contracted substantially again.
April 2020	−2.0	−2.0	Deteriorated sharply.
February 2020	+1.0	+0.5	Picked up to a moderate pace.
January 2020	+0.5	+0.5	Expanded at a modest pace.
November 2019	0.0	0.0	Little or no growth.
October 2019	0.0	−0.5	Growth subdued.
August 2019	+0.5	+0.5	Continued at a modest pace.
July 2019	+0.5	+0.5	Slowed to a modest pace.
May 2019	+1.0	+0.5	Picked up to a moderate pace.
April 2019	+0.5	+0.5	Expanded slightly.
February 2019	+0.5	+0.5	Slight growth; consumer spending weakened.
January 2019	0.0	0.0	Leveled off.
November 2018	+0.5	+0.5	Grown modestly.
October 2018	0.0	0.0	Grown slightly.
August 2018	+1.0	+0.5	Expanded at a moderate pace.
July 2018	+1.0	+0.5	Expanded at a moderate pace.
May 2018	+0.5	+0.5	Continued to grow modestly.
April 2018	+0.5	+0.5	Continued to grow modestly.
February 2018	+0.5	+0.5	Grew at a modest pace.
January 2018	+1.0	+1.0	Continued to grow moderately.
November 2017	+1.0	+0.5	Continued to grow moderately.
October 2017	+1.0	+0.5	Expanded at a moderate pace.
August 2017	+1.0	+0.5	Picked up to a moderate pace.
June 2017	+0.5	+0.5	Growth picked up to a modest pace.
May 2017	0.0	+0.5	Activity essentially flat.
April 2017	+0.5	+0.5	Continued to expand modestly.
February 2017	+0.5	+1.0	Accelerated to a modest pace.
January 2017	0.0	+0.5	Held steady.
November 2016	0.0	+0.5	Remained flat.
October 2016	0.0	+0.5	Flat.
August 2016	0.0	0.0	Little to no growth.
July 2016	+0.5	+0.5	Picked up, growing modestly.
May 2016	0.0	+0.5	Generally flat.
April 2016	+0.5	+0.5	Grown at a modest pace.
February 2016	0.0	+0.5	Generally flat.
January 2016	0.0	−0.5	Essentially flat.
November 2015	0.0	+0.5	Leveled off.
October 2015	+0.5	+0.5	Continued at a modest pace.
August 2015	+0.5	+0.5	Grew at a modest pace.
July 2015	+0.5	+0.5	Continued at a modest pace.
May 2015	+0.5	+0.5	Expanded modestly.
April 2015	+0.5	+0.5	Slowed to a modest pace.
February 2015	+1.0	+0.5	Expand at a moderate pace.
January 2015	+1.0	+0.5	Continued at a moderate pace.
November 2014	+1.0	+0.5	Picked up to a moderate pace.
October 2014	+0.5	+0.5	Slowed to a more modest pace.
August 2014	+1.0	+0.5	Expand at a moderate pace.
July 2014	+1.0	+0.5	Continued at a moderate pace.
May 2014	+1.0	+0.5	Grow at a moderate pace.
April 2014	+1.0	+0.5	Rebounded.
February 2014	−0.5	+0.5	Declined modestly.
January 2014	+1.0	+0.5	Continued at a moderate pace.
November 2013	+1.0	+0.5	Continued at a moderate pace.
October 2013	+1.0	+0.5	Continued at a moderate pace.
August 2013	+1.0	+0.5	Continued to grow moderately.
July 2013	+1.0	+0.5	Continued to expand moderately.
May 2013	+1.0	0.0	Continued to expand at a moderate pace.
April 2013	+1.0	+1.0	Growth picked up somewhat.
February 2013	+1.0	+1.0	Expanded at a moderate pace.
January 2013	+0.5	+0.5	Rebounding after Sandy.
November 2012	−1.0	0.0	Weakened largely due to Sandy.
September 2012	0.0	−0.5	Held steady.
August 2012	+0.5	0.0	Continued to expand at a modest pace.
July 2012	+0.5	0.0	Growth has slowed.
May 2012	+1.0	+0.5	Continued to expand at a moderate pace.
April 2012	+1.0	+0.5	Growth picked up somewhat.
February 2012	0.0	0.0	Expanded at a somewhat slower pace.
December 2011	+1.0	+0.5	Grew at a faster pace led by brisk holiday spending.
November 2011	+0.5	0.0	Finance layoffs; tourism strong.
October 2011	+0.5	0.0	Growth remained modest.
August 2011	0.0	0.0	Growth remained sluggish.
July 2011	0.0	0.0	Pace slowed somewhat.
May 2011	+0.5	+0.5	Expanded at a somewhat diminished pace.
April 2011	+1.0	+1.0	Strengthened further.
February 2011	+0.5	+1.0	Expanded at a modest pace.
January 2011	+1.0	+1.0	Further signs of improvement; widespread optimism.
November 2010	+1.0	+1.0	Continued to expand; labor market improving.
October 2010	+0.5	+0.5	Continued to expand at a modest pace.
August 2010	0.0	0.0	Signs of decelerating.
July 2010	+1.0	0.0	Further signs of strengthening.
May 2010	+1.0	+0.5	Strengthened further.
April 2010	+1.0	+0.5	Strengthened noticeably.
February 2010	+0.5	+1.0	Further signs of strengthening; hiring pickup.
January 2010	+0.5	+1.0	Further signs of improvement; modest hiring pickup.
November 2009	+0.5	+1.0	Further signs of improvement.
October 2009	0.0	+1.0	Scattered signs of a pickup.
August 2009	0.0	+0.5	Generally stable.
July 2009	0.0	+0.5	More signs of stabilizing.
June 2009	−0.5	+0.5	Signs of stabilizing; manufacturing optimism.
April 2009	−1.0	0.0	Contracting at a more subdued pace; more optimism.
February 2009	−2.0	−1.5	Weakened noticeably; tourism down substantially.
January 2009	−1.5	−1.5	Weakened somewhat more; financial sector weakened further.
November 2008	−2.0	−1.5	Deteriorated substantially; tourism down sharply.
October 2008	−1.5	−1.0	Weakened; non-manufacturers anticipate cutbacks.
August 2008	−0.5	–	Signs of stabilizing; tourism firmed.
July 2008	−1.0	–	Further signs of softening; consumer confidence at 15-year low.
June 2008	−1.0	–	Generally weaker; delinquencies up in all categories.
April 2008	−1.0	–	Further signs of weakening; delinquencies most widespread in 13 years.
February 2008	−1.0	–	Economy softened; manufacturers report substantial weakening.
January 2008	0.0	0.0	Economic growth slowed.
November 2007	+0.5	+0.5	Expanded at a more subdued pace.
October 2007	+0.5	+0.5	Expanded at a moderate pace.
August 2007	+0.5	+0.5	Continued to expand.
July 2007	+0.5	+0.5	Expanded at a moderate pace.
June 2007	+0.5	+0.5	Expanded at a moderate pace.
April 2007	+0.5	+0.5	Grown steadily.
February 2007	+0.5	+0.5	Expansion well maintained, some deceleration.
January 2007	+0.5	+0.5	Expanded at a moderate pace.
November 2006	+1.0	+1.0	Growth accelerated.
October 2006	+1.0	+1.0	Signs of strengthening.
August 2006	0.0	0.0	Signs of decelerating.
July 2006	+0.5	+0.5	Grew at a moderate pace.
June 2006	+0.5	+0.5	Expanded at a moderate pace.
April 2006	+0.5	+0.5	Expanded; growth may have slipped.
March 2006	+1.0	+1.0	Expanded at a good pace.
January 2006	+0.5	+0.5	Expanded at a moderate pace.
November 2005	+0.5	+0.5	Steady pace of expansion.
October 2005	+0.5	+0.5	Growth moderated.
August 2005	+1.0	+1.0	Strengthened; tourism exceptionally strong.
July 2005	+0.5	+0.5	Growth moderated; tourism robust.
June 2005	+1.0	+1.0	Well-sustained pace.
April 2005	+1.0	+0.5	Continued to grow, with variation across sectors.
February 2005	+1.0	+1.0	Expansion well maintained.
January 2005	+1.5	+1.0	Clearly gained further momentum.
November 2004	+1.0	+1.0	Somewhat firmer tone.
October 2004	0.0	0.0	Further signs of cooling off.
September 2004	0.0	0.0	Some signs of slower growth.
July 2004	+1.0	+0.5	Growth moderated somewhat.
June 2004	+1.5	+1.0	Persistent strength.
April 2004	+1.5	+1.0	Gained momentum.
February 2004	+1.5	+1.0	Increasingly robust.
January 2004	+0.5	+0.5	Further signs of strengthening.
November 2003	+0.5	+0.5	Generally positive signals.
October 2003	+1.0	+1.0	Further signs of strengthening.
July 2003	+1.0	+1.0	Further broad-based improvement.
June 2003	+1.0	+0.5	Fairly widespread signs of a pickup.
April 2003	−0.5	+0.5	Slowed further.
February 2003	−0.5	0.0	Generally softened.
January 2003	+0.5	+1.0	Mixed, with a pickup in manufacturing.
November 2002	+1.0	+0.5	Signs of strengthening, but overall pace still soft.
October 2002	0.0	+0.5	Further signs of slowing since the last report.
September 2002	0.0	+0.5	Activity remained sluggish except housing.
July 2002	0.0	+0.5	Growth appears to have eased off.
June 2002	+1.0	+1.0	Further signs of perking up despite softer consumer spending.
April 2002	+1.0	+1.0	Economy has strengthened, on balance.
February 2002	0.0	+0.5	Conditions mixed; hiring weak but housing strong.
January 2002	0.0	+0.5	Further signs of rebounding since last report.
November 2001	0.0	–	Signs of rebounding from depressed levels; labor markets deteriorating.
October 2001	−1.0	−0.5	Conditions weakened; Manhattan real estate, retail and tourism hit.
September 2001	−1.0	−0.5	Further signs of weakening.
July 2001	0.0	−0.5	Generally sluggish, except housing.
June 2001	+1.0	–	Level remains high; growth pausing.
April 2001	+1.0	–	Somewhat favorable, moderate growth.
February 2001	+1.0	+0.5	Generally favorable, moderate pace.
January 2001	+1.0	−0.5	Well maintained at a high level.
November 2000	+1.0	–	Expanding at a moderate pace.
October 2000	+1.0	–	Few, if any, signs of slowing.
September 2000	+1.0	–	Continued at a moderately brisk pace.
July 2000	+1.0	–	Growth moderated.
June 2000	+1.0	–	Growing at a sturdy pace.
April 2000	+2.0	–	Growth shows few signs of slowing.
February 2000	+2.0	–	Economy continued to run flat out.
January 2000	+2.0	–	Growth shows few signs of slowing.
November 1999	+2.0	–	Expanding at a fairly brisk pace.
October 1999	0.0	–	Growth has shown signs of slowing.
September 1999	+1.0	–	Moderate growth; manufacturing accelerated.
August 1999	+1.0	–	Expanding at a somewhat slower pace.
June 1999	+1.0	–	Expanding, at a somewhat slower pace.
April 1999	+2.0	–	Retains significant upward momentum.
March 1999	+2.0	–	Continues to grow at a brisk pace.
January 1999	+1.0	–	Growth picked up further.
November 1998	+1.0	–	Mixed but stronger than last report.
October 1998	0.0	–	Growth slowed further; softening in a number of sectors.
September 1998	0.0	–	Significant segments slowing.
July 1998	+1.0	–	Continued to grow briskly.
June 1998	+1.0	–	Pace of growth has picked up.
April 1998	+1.0	–	Maintained sturdy growth.
March 1998	+1.0	–	Continued to grow briskly in early 1998.
January 1998	+1.0	–	Generally positive picture; housing strengthening.
November 1997	+1.0	–	Steady pace of growth; office market tight.
October 1997	0.0	–	Growth moderated; retail below plan in September.
September 1997	+1.0	–	Expanding at a steady pace.
July 1997	+1.0	–	Expanded somewhat faster, led by consumer rebound.
June 1997	+1.0	–	Growth picked up despite cold weather.
April 1997	0.0	–	Growth slowed from a brisk pace; retail below plan.
March 1997	+1.0	–	Continued to improve; retail sales ahead of plan.
January 1997	+1.0	–	Slightly firmer tone; price pressures subdued.