May 16, 2011 8:50 AM, EDT

N.Y. Manufacturing Index Slows, But Shows Expansion

Manufacturing activity in the New York region improved in May, but at a slower pace than April, 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 an 11.9 reading from 21.7 in March, the regional Fed said.

Readings above zero indicate expansion. The index last contracted in November, its only contraction in more than a year.

The index was projected to drop to a 19.6 reading, Bloomberg reported.

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