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Manufacturing in New York Area Rises in May
Manufacturing activity in the New York region increased in May, the Federal Reserve Bank of New York said.
The “Empire State Index,” generally the first economic indicator in a given month, rose to a 19.01 reading from 1.29 in April, the regional Fed said.
Economists had called for a reading of 6 in May, Bloomberg News reported. Readings greater than zero show expansion.
New orders increased to a reading of 10.44, the highest level since January, following a -2.77 reading in April.
“No denying this is a good report,” said Joseph Brusuelas, a Bloomberg economist. The May reading “points to modest growth ahead,” he added.
The overall index is well above the post-recession average of 7.6 and nearing the 20.53 average of 2004-2007, Bloomberg reported.
Manufacturing is one of trucking’s largest and most important customers.
