Manufacturing growth in New York rose this month at the fastest rate in a year, the Federal Reserve Bank of New York said Monday.
The regional Fed’s “Empire State Index,” usually the first economic indicator of a given month, jumped to a 26.5 reading in July, from 25.8 in June, the highest level since June 2006.
Readings above zero indicate expansion. The reading was well above economists’ forecasts of a drop to an 18 reading, Bloomberg reported.
The survey’s new orders index rose to 26.5, the highest in 16 months, from 17.2 last month.
Manufacturing is one of trucking’s largest and most important customers.