The New York Federal Reserve released its survey on Thursday. The NY Fed Empire State manufacturing index rose to -11.36 in October from -14.67 in September, missing expectations for an increase to -8.00.

A reading above zero indicates expansion, while a reading below zero indicates contraction.

The new orders index decreased to -18.91 in October from -12.90 in September, while the shipments index climbed to -13.61 from -7.9.

The general business conditions expectations index for the next six months increased to 23.6 in October from 23.2 in September.

The price-paid index decreased to 0.94 in October from 4.1 in September.

The index for the number of employees fell to -8.5 in October from -6.2 last month.