The Philadelphia Federal Reserve Bank released its manufacturing index on Thursday. The index increased to 1.9 in November from-4.5 in October, exceeding expectations for a rise to -1.0.

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

"Manufacturing conditions in the region showed slight improvement this month, according to firms responding to the November Manufacturing Business Outlook Survey. The indicator for general activity was slightly positive this month, following two months in negative territory," the Philadelphia Federal Reserve Bank said in its survey.

The shipments index was up to -2.5 in November from -6.1 in October.

The new orders index increased to -3.7 in November from 10.6 in October.

The prices paid index slid to -4.9 in November from -0.1 in October, while the prices received index decreased to -0.4 from 1.3.

The number of employees index climbed to 2.6 in November from -1.7 in October.

According to the report, the future general activity index was up to 43.4 in November from 36.7 in October.