The Federal Reserve Bank of Richmond released its survey of manufacturing activity on Tuesday. The composite index for manufacturing declined to -3 in November from -1 in October.

The decrease was partly driven by a drop in new orders. New orders sub-index was down to -6 from 0.

Shipments sub-index rose to -2 in November from -4 in October.

"Shipments remained sluggish and new orders declined. Hiring in the sector changed little compared to the previous month, while the average workweek shortened and wages rose mildly. Raw materials prices rose at a somewhat faster pace, while prices of finished goods increased modestly in November," the survey said.