New York ‘Empire State’ Manufacturing Index Slows

Manufacturing activity in the New York region rose for the 10th consecutive month in May but expanded at a slower rate than April, 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, slipped to a 19.1 reading from 31.9 in April, the regional Fed said.

Readings above zero indicate expansion, while below that shows contraction. The index’s reading was below economists’ forecasts of a 30 reading, Bloomberg reported.

Manufacturing is one of trucking’s largest and most important customers.