N.Y. Manufacturing Index Shows First Gain in 16 Months

Manufacturing activity in the New York region contracted at the slowest pace in more than a year, 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, rose to a reading of negative 0.6, from negative 9.4 in June, the regional Fed said.

Readings above zero indicate expansion, while below that show contraction.

The July reading was higher than economists’ forecasts of a negative 5 reading, Bloomberg reported.

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