New York State Manufacturing Index Declines in May

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anufacturing growth slowed in New York state this month, the Federal Reserve Bank of New York reported Monday.

The regional Fed’s “Empire State index,” the first indicator of May economic activity, fell to 12.4 from 15.8 in April, the Fed said. The May reading was the lowest since last June.

Readings above zero indicate expansion.

The level was well below economists’ forecast of a rise to a 16.1 reading, Bloomberg reported. Manufacturing is one of trucking’s largest and most important customers.

The Empire State index reached a record high of 39.6 in February 2004.