New York Factory Index Drops to Record Low

Manufacturing growth in New York state contracted this month at the fastest pace on record, 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 negative 34.7 reading, from negative 22.2 in January.

It was the lowest since records began being kept in 2001, and economists had forecast a drop to negative 23.8, Bloomberg reported.

Readings above zero indicate expansion, while below that show contraction. The index averaged 17.2 last year.

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