The report from the New York Federal Reserve showed on Monday that manufacturing activity in the New York region rebounded modestly in July.

According to the survey, NY Fed Empire State manufacturing index came in at 4.30 this month compared to an unrevised -8.60 in June. That marked the headline indicator climbed out of the negative territory.

Economists had expected the index to come in at 2.0.

Anything below zero signals contraction.

According to the report, the new orders index rose, but remained negative at -1.5., indicating a decline in orders, and the shipments index moved slightly lower to 7.2, pointing to a small advance in shipments. Meanwhile, unfilled orders dropped for a second consecutive month, delivery times were somewhat shorter, and inventories reduced. The index for a number of employees slid further, dropping six points to -9.6 (its lowest level in nearly three years), pointing to a decline in employment levels. On the price front, input price increases continued to moderate somewhat, while the pace of selling price gains remained modest.