New York Factory Index Jumps to Highest Level in 5 Years

Manufacturing activity in the New York region rose for a third straight month in October, reaching the highest level in more than five years, the Federal Reserve Bank of New York said Thursday.

The regional Fed’s “Empire State Index,” generally the first economic indicator in a given month, jumped to a 34.6 reading, from 18.9 in August, the regional Fed said.

The reading was the highest since mid-2004. Readings above zero indicate expansion, while below that shows contraction.

The index was well above economists’ forecasts of a 17.3 reading, Bloomberg reported.

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