Business conditions are hovering around zero. They have been here before and bounced, so this might not be a predictor of future problems.
But the usual 6-month enthusiasm has decreased a bit:
The outlook for manufacturing growth over the next six months showed a slight moderation this month. The future general activity index fell three points, and most of the other future indicators followed suit: The index for future new orders decreased four points, and future shipments decreased one point. Firms were also less optimistic about future growth in employment. The future employment index decreased eight points; 25 percent of the firms expect to increase employment over the next six months, and 16 percent expect to decrease it.
This is a weak report as well. Overall business conditions are hovering between expansion and contraction.
Here's a link to the full report -- Here's a PDF
