The Federal Reserve Bank of Richmond released its survey of manufacturing activity on Tuesday. The composite index for manufacturing rose to -1 in October from -5 in September.

The increase was driven by a rise in new orders. New orders subindex was up to 0 from -12.

Shipments subindex decline to -4 in October from -3 in September.

"Order backlogs and shipments declined, while new orders levelled off. Manufacturing employment remained soft, growing at the same pace as a month ago. The average workweek shortened and average wages rose moderately," the survey said.