Empire State manufacturing activity rebounded in July, according to the New York Fed's latest manufacturing survey.

July's reading came in at 3.9, up from -2 in June and better than the 3.2 that was expected by economists.

The latest report noted that, "Business conditions were somewhat better for New York manufacturers" in July, with the NY Fed adding that this reading, "has moved in a see-saw pattern around zero for the past four months."

The report's optimism readings "inched higher" to a reading of 27, but the report notes that these readings, "remained subdued compared with the levels recorded throughout 2014."