The Manufacturing Business Outlook Survey, released by the Federal Reserve Bank of Philadelphia on Thursday, revealed the region's manufacturing activity continued to grow in November, albeit at a slower pace than in October.

According to the survey, the diffusion index for current general activity fell from 32.3 in October to 26.3 this month.

Economists had forecast the index to decrease to 22.0.

A reading above 0 signals expansion, while a reading below 0 indicates contraction.

According to the report, the new orders index fell 4.7 points to 37.9, while the current shipments index declined 21.6 points to 24.9. Meanwhile, the current employment index surged 14.5 points to 27.2 this month. Elsewhere, the survey’s price indicators suggest increased price pressure: the prices paid index climbed 10.4 points to 38.9 and the prices received index jumped 11.4 points to 25.4.