Manufacturing activity in the New York region contracted in October for the third straight month, 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, rose to a minus 6.2 reading, from minus 10.4 in September, the regional Fed said.
Readings less than zero indicate contraction.
The index was below economists’ forecasts of a reading of minus 4, Bloomberg reported.
Manufacturing is one of trucking’s largest and most important customers.