N.Y. Manufacturing Index Rebounds in June

June 15, 2005 9:00 AM, EDT

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anufacturing in New York state rose in June, rebounding from the first contraction in two years, according to a monthly survey by the Federal Reserve Bank of New York released Wednesday.

The so-called Empire State index rose to 11.7, from a minus 11.1 in May.

Economists’ had forecast a rise to 1, Bloomberg reported. In February 2004, the index reached a record high of 39.6.

Manufacturing is one of trucking’s largest and most important customers. Readings above zero indicate expansion, and until May's reading the survey had shown growth since May 2003.

The June new orders index rose to 8.2 from minus 8.2 in May, which had been the lowest level in two years.

The index of New York manufacturers expecting to hire more workers over the next six months fell to 13.8, from 22.8 May.