The Institute for Supply Management released its manufacturing purchasing managers' index for the U.S. on Tuesday. The index declined to 48.6 in November from 50.1 in October, missing expectations for a rise to 50.4. It was the lowest level since November of 2012.

A reading above 50 indicates expansion, below indicates contraction.

The decline was partly driven by a fall in production and new orders. The production index decreased to 49.2 in November from 52.9 in October.

The new orders index fell to 48.9 in November from 52.9 in October.

The employment index was up to 51.3 in November from 47.6 in October.

The price index was down to 35.5 in November from 39.0 in October.