Manufacturing activity in the New York region rose for the 10th consecutive month in May but expanded at a slower rate 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, slipped to a 19.1 reading from 31.9 in April, the regional Fed said.
Readings above zero indicate expansion, while below that shows contraction. The index’s reading was below economists’ forecasts of a 30 reading, Bloomberg reported.
Manufacturing is one of trucking’s largest and most important customers.
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