The Philadelphia Federal Reserve Bank released its manufacturing index on Thursday. The index increased to -4.5 in October from -6.0 in September, missing expectations for a rise to -1.0.

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

"For the second consecutive month, regional manufacturers reported declines in overall activity. Indexes for new orders, shipments, employment, and average work hours all dipped into negative territory this month," the Philadelphia Federal Reserve Bank said in its survey.

The shipments index was down -6.1 in October from 14.8 in September.

The new orders index increased to 10.6 in October from 9.4 in September.

The prices paid index slid to -0.1 in October from 0.5 in September, while the prices received index increased to 1.3 from -5.0.

The number of employees index dropped to -1.7 in October from 10.2 last month.

According to the report, the future general activity index was down to 36.7 in October from 44.0 in September.