The New York Federal Reserve released its survey on Monday. The NY Fed Empire State manufacturing index rose to -10.74 in November from -11.36 in October, missing expectations for an increase to -6.25.

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

"The November 2015 Empire State Manufacturing Survey indicates that business activity declined for a fourth consecutive month for New York manufacturers," the New York Federal Reserve said in its report.

The new orders index increased to -11.82 in November from -18.91 in October, while the shipments index climbed to -4.10 from -13.61.

The general business conditions expectations index for the next six months increased to 20.33 in November from 23.36 in October.

The price-paid index increased to 4.55 in November from 0.94 in October.

The index for the number of employees was up to 4.55 in November from -8.49 last month.