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

According to the survey, NY Fed Empire State manufacturing index came in at 3.5 this month compared to an unrevised 2.9 in November, remaining subdued for the seventh consecutive month.

Economists had expected the index to come in at 4.0.

Anything below zero signals contraction.

According to the report, the new orders index edged down three points to 2.6, indicating little change in orders, while the shipments index inched up three points to 11.9, indicating that shipments increased modestly. Meanwhile, unfilled orders dropped six points to -13.8, indicating that unfilled orders continued to decline, delivery times shortened, and inventories held steady. The index for number of employees was unchanged at 10.4, indicating that employment expanded for the fourth consecutive month. On the price front, input price increases continued to slow, with the prices paid index falling five points to 15.2, a multi-year low.