The report from the New York Federal Reserve showed on Monday that manufacturing activity in the New York region expanded slightly in early November.

According to the survey, NY Fed Empire State manufacturing index fell from 10.5 in October to 6.3 in November, pointing to a slower pace of growth than in the previous month. This was the lowest reading since August.

Economists had expected the index to come in at 13.5.

Anything below zero signals contraction.

According to the report, the new orders index decreased nine points to 3.7, indicating a slight advance in orders, and the shipments index fell twelve points to 6.3. Meanwhile, the employment index went up two points to 9.4, its highest level in nearly a year, indicating a modest gain in employment levels. Elsewhere, delivery times were little changed, while unfilled orders and inventories continued to drop. On the price front, the prices paid index was little changed at 29.1, a sign that input prices increased at the same pace as last month, while the prices received index rose six points to 11.3, indicating a pickup in selling price increases.