N.Y. Manufacturing Activity Grows At Slower Pace in October

Manufacturing activity in the New York region expanded at a slower pace in October, the Federal Reserve Bank of New York said Oct. 15.

The “Empire State Index,” generally the first economic indicator in a given month, declined to a 1.5 reading from 6.3 in September, the regional Fed said.

The index declined, but orders climbed to 7.8, the highest since March, from 2.4 the previous month, indicating production probably will pick up next month, Bloomberg News reported.

Economists had forecast a reading of 7, Bloomberg reported.

“A lot of manufacturers’ uncertainty can be blamed on the fiscal brinkmanship, rather than a deterioration in fundamentals,” Ryan Sweet, a senior economist at Moody’s Analytics Inc. told Bloomberg.

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

Manufacturing makes up about 12 percent of the economy and is one of trucking’s largest and most important customers.