that is most likely your idle/pilot mixture screw. Screwing in usually leans out the mixture, out makes it richer, i usually adjust them on a warm idling engine to the highest RPM point, then the main idle screw on the butterfly to set idle RPM.
You have to be careful with some of them, if you screw it all the way out to remove it, it will break off... i didn't know that the time, but it's made that way..