Manufacturing Expands in New York Area, Slows in Philadelphia
Manufacturing in New York expanded in January, but growth slowed in Philadelphia, according to the regional reserve banks.
The Federal Reserve Bank of New York’s Empire State Index climbed to 10 from a revised minus 1.2 in December, Bloomberg News reported. Readings more than zero indicate growth.
The Philadelphia Federal Reserve Bank said its business activity index fell to 6.3, the lowest since February 2014, from 24.3 in December, Reuters reported. Economists had projected a reading of 19.9, according to a Reuters poll.
The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware. The Philadelphia report is seen as one of the first monthly indicators of the health of U.S. manufacturing.
Manufacturing is one of trucking’s largest and most important customers.
