Manufacturing growth in New York state rose this month but remained near a two-year low, the Federal Reserve Bank of New York said Monday.
The regional Fed’s “Empire State Index,” usually the first economic indicator in a given month, rose to a 3.8 reading from 1.9 in March, the Fed said.
Readings above zero indicate expansion. The index averaged 20.3 last year. The reading was below economists’ forecasts of a 7.5 reading, Bloomberg reported.
Manufacturing is one of trucking’s largest and most important customers.
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