New York Manufacturing Index Expands at Fastest Pace in Five Months

Manufacturing activity in the New York region expanded at the fastest pace in five months in July, the Federal Reserve Bank of New York said Monday.

The “Empire State Index,” generally the first economic indicator in a given month, rose to a 9.5 reading, the highest since February, from minus 7.8 in June, the regional Fed said.

Readings more than zero show expansion, while those less than zero indicate contraction.

Economists had forecast a reading of 5, Bloomberg News reported.

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