N.Y. Factory Index Expands at Fastest Rate in a Year
Manufacturing activity in the New York region expanded at the fastest rate in a year in April, the Federal Reserve Bank of New York said Friday.
The regional Fed’s “Empire State Index,” generally the first economic indicator in a given month, jumped to a 21.7 reading, from 17.5 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 March reading was higher than economists’ forecasts of a 17 reading, Bloomberg reported.
Manufacturing is one of trucking’s largest and most important customers.
Transport Topics