A report released by the Federal Reserve Bank of New York on Monday showed regional manufacturing activity contracted at a slightly faster rate in the month of July.

The New York Fed said its general business conditions index edged down to a negative 6.6 in July from a negative 6.0 in June, with a negative reading indicating contraction. Economists had expected the index to come in unchanged.

Looking ahead, the New York fed said firms remained fairly optimistic conditions would improve in the months ahead, although the index for future business conditions fell to 25.8 in July from 30.1 in June.

At 12 pm ET, Federal Reserve Chair Jerome Powell is scheduled to participate in an interview hosted by the Economic Club of Washington.

San Francisco Federal Reserve President Mary Daly is due to participate in a session, called “The Bull, the Bear, and the Banker,” before the Fortune Brainstorm Tech 2024 at 4:35 pm ET.