New York Manufacturing Index Declines

Manufacturing growth in New York state declined in June, 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, fell to a negative 8.7 reading from negative 3.2 in May.

Readings above zero indicate expansion, while below that show contraction. The index averaged 17.2 last year.

Economists had forecast a reading of negative 2, Bloomberg said.

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