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The bank's general business conditions index -- from data complied from 175 businesses in a survey taken June 1-12 -- fell 5 points to a negative 9.4, following a negative 4.55 reading in May, the bank said.

The index for new orders remained weak, while shipments fell 6 points to minus 4.8. Price indexes remain negative, but gained modestly in the month. While the inventories index declined, but the six-month outlook improved to its highest level in almost two years.

The composite index for business expectations rose 4 points to 47.8 with 61 percent of respondents indicating they expected better business conditions in the next six months.

The employment index made strong gains, jumping from 0.7 in May to 16.1 in June.

The employment index hit an all-time low at minus 29.3 in February. June's increase was the fourth consecutive monthly gain for the employment outlook.

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