N.Y. State Manufacturing Index Hits Record Low

Manufacturing growth in New York state contracted this month at the fastest pace on record, 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, plunged to a negative 38.2 reading, from a negative 34.7 reading last month, the regional fed said.

It was the lowest since records began being kept in 2001. Economists had forecast an increase to negative 30.8, Bloomberg reported.

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

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