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Manufacturing activity in the New York region slowed its rate of growth in July, the Federal Reserve Bank of New York said Thursday.

The regional Fed’s “Empire State Index,” generally the first economic indicator in a given month, fell to a 5.1 reading, from 19.6 in June, the regional Fed said.

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

The July index was well below economists’ forecasts of an 18 reading, Bloomberg reported.

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