The report from the New York Federal Reserve showed on Wednesday that manufacturing activity in the New York region improves slightly in January.

According to the survey, NY Fed Empire State manufacturing index came in at 4.8 this month compared to a revised 3.3 in December (originally 3.5), pointing to a small increase in business activity in New York State.

Economists had expected the index to come in at 3.55.

Anything below zero signals contraction.

According to the report, the new orders index rose five points to 6.6, indicating that orders were higher, while the shipments index inched down one point to 8.6, pointing to a modest increase in shipments, albeit at a somewhat slower pace than in December. Meanwhile, the unfilled orders index increased eleven points, but remained negative at -2.7, indicating that unfilled orders continued to decline. Elsewhere, delivery times shortened, and inventories held steady. On the price front, both input prices and selling prices increased at a significantly faster pace than in December.