Manufacturing activity in the New York region contracted in August for the first time in 10 months, the Federal Reserve Bank of New York said Wednesday.
The regional Fed’s “Empire State Index,” generally the first economic indicator in a given month, shrank to minus 5.9 from 7.4 in July, the regional Fed said.
Readings less than zero indicate contraction.
The August reading was below economists’ forecasts of a 7.0 reading, Bloomberg reported.
Manufacturing is one of trucking’s largest and most important customers.