New York Manufacturing Index Grows in August

Manufacturing activity in the New York region increased its rate of growth in August, the Federal Reserve Bank of New York said Monday.

The regional Fed’s “Empire State Index,” generally the first economic indicator in a given month, rose to a 7.1 reading, from 5.1 in July, the regional Fed said.

Readings above zero indicate expansion, while below that shows contraction.

The August index was below economists’ forecasts of an 8 reading, Bloomberg reported.

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