New York State Manufacturing Index Falls to Record Low

Manufacturing growth in New York state fell to the lowest rate ever in March, 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, fell to a reading of negative 22, from negative 11.7 in February.

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

Economists had forecast a reading of negative 7.4, Bloomberg reported.

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