New York State Economic Index Drops

Manufacturing growth in New York state fell this month, 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, dropped to 10.3 from 27.4 in November. Readings above zero indicate expansion.

The level was well below economists’ forecasts of a decline to a 20 reading, Bloomberg reported.

The survey’s new orders index fell to 14.3 from 24.5, the Fed said.

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