Asked to evaluate general business conditions over the past 30 days, improvement was noted by 28% of respondents, compared to 24% the prior month. Conditions worsened in the view of 14%, compared with 15% taking that view a month earlier. And for 58%, conditions were reported to have stayed the same --- down from 61% taking that view in the earlier month.

"While we are encouraged by the upturn in reports of improvement," Tatum said in its report, "we are not out of the woods yet, with a still-strong majority of respondents reporting that business conditions remained the same."

In the next 60 days business conditions were expected to improve in the view of 34% of respondents, up from 31% in the prior month's report, while 9% said conditions were expected to worsen, versus 8%. The same level of conditions was expected by 57% in the July research, compared with 61% in the prior month.