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UPDATE:Manufacturing in the Northeast contracted for the first time since November 2011, new data out of the Federal Reserve Bank of New York shows.
The key business activity index fell 13 points to -5.85, below expectations for a marginal decline to 7.0.
New orders were negative for the second consecutive month, falling to -5.5 from -2.7 a month earlier.
Employment trends, however, remained positive in August. The number of employees sub-index declined slightly, to 16.47 from 18.52.
Below, key output from the report:
Minutes away from the first major regional Fed report of the month: the Empire Fed Manufacturing Report.
Economists polled by Bloomberg forecast the key business activity index will remain roughly unchanged in August, at 7.00.
A reading above zero indicates expansion.
The announcement is scheduled for 8:30 a.m.