Reports from the Federal Reserve Banks indicate that overall economic activity contracted further or remained weak. However, five of the 12 districts noted a moderation in the pace of decline, and several saw signs that activity in some sectors was stabilizing at a low level.

Manufacturing activity weakened across a broad range of industries in most districts, with only a few exceptions. Nonfinancial service activity continued to contract across districts. Retail spending remained sluggish, although some Districts noted a slight improvement in sales compared with the previous reporting period.

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