The latest survey from the Federal Reserve Bank of Richmond revealed on Tuesday that the U.S. fifth district's manufacturing activity continued to grow in November, albeit at a slower pace than in October.

According to the report, the composite manufacturing index dropped from 29 in October to 15 in November, the lowest since July, but remained firmly in expansionary territory, as all three component indexes – shipments (at 20 in November, down from 30 in October), new orders (at 12 in November, down from 32 in October), and employment (at 13 in November, down from 23 in October) - had positive readings. Manufacturers reported improvement in local business conditions, but the spending indexes softened somewhat, the Richmond Fed noted. Survey participants were also optimistic about the future, expecting growth to continue in the coming months