Manufacturing activity in the New York region expanded in April at the slowest rate in five months, the Federal Reserve Bank of New York said Monday.
The regional Fed’s “Empire State Index,” generally the first economic indicator in a given month, dropped to a 6.6 reading, from 20.2 in March, the regional Fed said.
Readings above zero indicate expansion.
The March reading was below economists’ forecasts of an 18 reading, Bloomberg reported.
Manufacturing is one of trucking’s largest and most important customers.