MANUFACTURING & WORKING CAPITAL · SEPTEMBER 15, 2026
New York Manufacturing Growth Slows as Cost Pressure Intensifies
The New York Fed's September survey shows manufacturing activity still expanding modestly, while shipments declined, delivery times lengthened, supply availability worsened, and input-price pressure reached a fresh four-year high.
What the September 15 survey reports
Source publication date: September 15, 2026. Responses were collected September 2–10. The Federal Reserve Bank of New York reported that its general business conditions index fell thirteen points but remained positive at 7.6, indicating modest growth after stronger activity in August. The new-orders index was 2.0, while the shipments index fell to -3.2. Diffusion indexes summarize respondent direction and are not dollar growth rates.
- 01New orders edged up
- 02Delivery times lengthened
- 03Input prices accelerated
Backlogs, delivery times, and supply conditions tightened
The unfilled-orders index was 5.9, delivery times rose to 18.8, and supply availability registered -11.9. Those readings indicate that backlogs increased modestly, delivery times lengthened substantially, and supply availability continued to worsen. Inventories increased. The results describe participating New York manufacturers and should not be treated as a national forecast or evidence about a specific company.
Labor and price pressure strengthened
The employee index was 10.6 and the average-workweek index rose ten points to 17.0, its highest level in nearly five years. The prices-paid index increased five points to 63.1, slightly above the four-year high reached in May, while prices received rose five points to 28.1. Respondents remained optimistic about six-month activity, although capital-spending plans were modest and supply availability was expected to worsen.
Practical borrower takeaway
Reconcile current orders to signed purchase orders, cancellation terms, production capacity, gross margin, and expected shipment dates. Build a weekly cash forecast that connects supplier deposits, inventory arrivals, payroll, overtime, receivable billing, and collections. Stress-test slower shipments, higher inputs, delayed customer acceptance, and reduced advance rates. Size a revolving line or equipment request from the company's documented cycle rather than a regional index; approval and final terms remain lender-specific.
Manufacturing borrowers should connect backlog, supplier timing, input costs, labor hours, inventory, receivable collections, and pricing actions to a weekly cash forecast before sizing equipment or working-capital debt.
Discuss a financing need →This independent summary is based on the cited source and is provided for general educational purposes only. Terms and program requirements may change.