N.Y. ‘Empire State’ Manufacturing Index Contracts Sharply

Manufacturing growth in New York state contracted this month at the fastest pace on record, 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, fell to a negative 25.7 reading from negative 24.6 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 26, Bloomberg said.

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