New York Manufacturing Index Contracts

Manufacturing activity in the New York region contracted in May on lower orders and sales, the Federal Reserve Bank of New York said Wednesday.

The “Empire State Index,” generally the first economic indicator in a given month, posted a negative 1.4 reading, down from 3.1 in April, the regional Fed said.

Readings of less than zero indicate contraction, while those more than zero show expansion.

Economists had forecast an increase to 4, Bloomberg News reported.

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