New York Manufacturing Index Slips in December

Manufacturing activity in the New York region slowed its rate of growth in December, the Federal Reserve Bank of New York said Tuesday.

The regional Fed’s “Empire State Index,” generally the first economic indicator in a given month, fell to a 2.6 reading, from 23.5 in November, the regional Fed said.

Readings above zero indicate expansion, while below that shows contraction. October’s reading of 34.6 had been the highest since mid-2004.

The December index was well below economists’ forecasts of a 24 reading, Bloomberg reported.

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