New York Manufacturing Index Gains in March

he pace of manufacturing growth in New York state gained increased this month, the Federal Reserve Bank of New York said Wednesday.

The regional Fed’s so-called “Empire State index” jumped to 31.2 from 21 in February the Fed said. Readings above zero indicate expansion.

The level was well above economists’ prediction of a decline to 18.9 reading, Bloomberg reported. Manufacturing was gaining momentum as companies buy new machinery to meet growing U.S. and export demand, Bloomberg said.

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