Mubasher: US manufacturing business conditions have recovered sharply in July, departing negative territory, New York Federal Reserve Bank’s Empire State Manufacturing Survey showed on Monday.

The Empire State manufacturing index, gauging overall general business conditions, came in at 4.3 points in July, gaining 12.9 points.

The gain partially reversed a sharp drop last June, when the index fell by 26.4 points to negative 8.6, the lowest level for the index seen since October 2016.

The new order metric rose in July, but still remained in a negative territory at 1.5, while the shipments gauge edged lower to 7.2 points.

Unfilled order sustained their decline for the second month in a row to 7.2 points.

In addition, the gauge for unfilled orders extended its decline for the second straight month, while the index of employment dropped to negative 9.6.

Six-month outlook index rose to 30.8 during the month, compared with 25.7.

By 1:56 pm GMT, the US dollar index ticked up by 0.07% to 96.88.