The New York Federal Reserve released its survey on Wednesday. The NY Fed Empire State manufacturing index jumped to 6.01 in June from -9.02 in May, exceeding expectations for an increase to -4.00.

A reading above zero indicates expansion, while a reading below zero indicates contraction.

"The June 2016 Empire State Manufacturing Survey indicates that business activity expanded modestly for New York manufacturers," the New York Federal Reserve said in its report.

The new orders index increased to 10.90 in June from -5.54 in May, while the shipments index rose to 9.32 from -1.94.

The general business conditions expectations index for the next six months jumped to 34.84 in June from 28.48 in May.

The price-paid index jumped to 18.37 in June from 16.67 in May.

The index for the number of employees declined to 0.00 in June from 2.08 in May.