N.Y. Manufacturing Index Contracts for Fifth Month

Manufacturing activity in the New York region contracted in October for a fifth straight month, 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, improved to a reading of negative 8.5, from minus 8.8 in September.

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

Economists had projected that the index would improve to minus 4, Bloomberg reported.

The Empire State index also covers northern New Jersey and Southern Connecticut. Manufacturing is one of trucking’s largest and most important customers.