The report from the New York Federal Reserve showed on Monday that manufacturing activity in the New York region steadied in early June after deteriorating sharply over the prior two months.

According to the survey, NY Fed Empire State manufacturing index climbed from -48.5 in May to -0.20 in June. That was the highest reading since February.

Economists had expected the index to come in at -27.5

Anything below zero signals contraction.

According to the report, new orders index surged forty-two points to a level of around zero, indicating that the quantity of orders was unchanged from last month, and the shipments index jumped forty-two points to 3.3, pointing to a slight advance in shipments Delivery times and inventories both held steady. Meanwhile, the index for number of employees was little changed at -3.5, pointing to a second consecutive month of slight employment declines. On the price front, input price increases picked up, and selling prices stabilized.