Mubasher: US manufacturing business activity improved to its highest level in six months in May, New York Federal Reserve Bank’s Empire State Manufacturing Survey showed on Wednesday.

The Empire State manufacturing index, gauging overall general business conditions, reached 17.8 in May, up from a reading of 10.1 in April.

The new order index rose 2.2 points to 9.7 in May, while the shipments gauge surged by 7.7 points to 16.3.

The decline in of inventory index points to an unwinding buildup in stockpiles this quarter.

The employment index dropped by seven points to 4.7, reflecting only  modest gains in the hiring levels.

Business optimism over the upcoming six months improved notably in May, with the gauge for future conditions soaring by 18 points to 30.6.

By 12:46 pm GMT, the US dollar index rose by 0.14% to 97.65.