NEW YORK - “Factory activity continued to contract at a slower pace in August,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas, released today, “The August survey echoes the broad signal from the previous five months that Texas factory output and employment is still receding but at a slower pace. The signal for a recovery will be positive readings in key current indexes.”

The general business conditions index narrowed to negative 9.1 in August from negative 23.4 in July.

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