Definition
Monthly surveys of factories by individual Federal Reserve banks, such as the New York Fed's Empire State survey and the Philadelphia Fed's manufacturing survey.
The story
They come out around mid-month, before the national ISM (Institute for Supply Management) manufacturing report, and ask factories whether business is getting better or worse. Readings above zero mean more firms reported improvement than decline.
Why markets watch it
As some of the earliest data on each month's factory activity, they can give markets a first look at the economy's direction.
Connects to
We explain why it moves markets. What you do with it is your call. Commentary and education only. Not financial advice. All terms