Manufacturing activity in the New York region contracted in September, the Federal Reserve Bank of New York said Monday.
The “Empire State Index,” generally the first economic indicator in a given month, shrank to minus 10.4 from minus 5.9 in August, the regional Fed said.
Readings of less than zero indicate contraction, while above that shows expansion.
The September reading was below economists’ forecasts of a minus 2 reading, Bloomberg reported.
Manufacturing is one of trucking’s largest and most important customers.