New York ‘Empire State Index’ Declines

Manufacturing growth in New York state fell to the weakest pace in nine months in January, the Federal Reserve Bank of New York said Tuesday.

The regional Fed’s “Empire State Index,” generally the first economic indicator in a given month, fell to a reading of 9 from a revised 9.8 in December. Readings above zero indicate expansion.

Economists had forecast a reading of 10, Bloomberg reported.

The survey’s new orders index fell to 0.04 from 13.2, the Fed said.

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