Manufacturing activity in the New York region contracted in January for a sixth straight month, the Federal Reserve Bank of New York said Tuesday.
The “Empire State Index,” generally the first economic indicator in a given month, had a reading of minus 7.8, following a minus 7.3 in December, the regional Fed said. Readings of less than zero indicate contraction.
The index was below economists’ forecasts of a zero reading, Bloomberg News reported.
Manufacturing is one of trucking’s largest and most important customers.