New York State Manufacturing Index Improves

Manufacturing growth in New York state improved this month, 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, rose to a 0.63 reading, from February’s negative 22.2, which had been the lowest on record.

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

The report was driven by improved shipments and new orders, Bloomberg reported. Economists had forecast a reading of negative 17, Bloomberg said.

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