New York Manufacturing Index Drops to Record Low

Manufacturing growth in New York state declined in October to the lowest level since the index started in 2001, the Federal Reserve Bank of New York said Wednesday.

The regional Fed’s “Empire State Index,” generally the first economic indicator in a given month, fell to a negative 24.6  reading from negative 7.4 in September.

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

Economists had forecast a reading of negative 10, Bloomberg said.

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