Mubasher: The Philadelphia Fed manufacturing index rose to 34.4 points in May 2018, above economists' expectations, compared to 23.3 points a month earlier, the regional district of the central bank said on Thursday.

Current new orders increased 22 points to 40.6, while shipments indices improved this month by 2 points to 23.9, the central bank's data showed.

The Empire State factory index hiked 4.3 points to 20.1. “The strength in the two surveys may support hopes of a turnaround in the national Institute for Supply Management factory survey due in two weeks,” according to the bank's statement.