The report from the New York Federal Reserve showed on Tuesday that manufacturing activity in the New York region grew slightly in early December.

According to the survey, NY Fed Empire State manufacturing index fell from 6.3 in November to 4.9 in December, pointing to a very little growth in activity. This was the lowest reading since August.

Economists had expected the index to come in at 6.9.

Anything below zero signals contraction.

According to the report, the new orders index edged down 0.3 point to 3.4, indicating a slight advance in orders, and the shipments index jumped 5.8 points to 12.1, pointing to a relatively substantial increase in shipments. The employment index rose 4.8 points to 14.2, its highest level in over a year, pointing to ongoing significant gains in employment. Delivery times (4.3) were somewhat longer, and inventories (-4.3) edged lower. On the price front, the prices paid index rose 8 points to 37.1, its highest level in two years, indicating a pickup in input price gains, while the prices received index held steady at 10.0, pointing to ongoing modest selling price increases.