The bank's monthly report on manufacturing activity showed its index rose slightly, from negative 3.5 up to negative 2.8, based on survey responses from the region's manufacturers.
Negative readings represent a contraction of activity.
At the same time, the shipments index remained positive, but new orders and employment indexes remained negative and declined modestly, the fed said.
- The survey’s price indices suggest that both input prices and selling prices fell this month.
- Future indicators remained positive overall but showed continued weakening.
- Labor market indicators suggest continued weak employment conditions, the Fed found, with about 63 percent of the firms reporting no change in employment this month. But the number reporting decreases (20 percent) was slightly larger than the number reporting increases (15 percent).