Investing.com | May 18, 2017 08:32AM ET

Investing.com - Manufacturing activity in the Philadelphia-region unexpectedly surged in May, bolstering optimism over the health of the economy, official data showed on Thursday.

In a report, the Federal Reserve Bank of Philadelphia said that its jumped to 38.8 this month from April’s reading of 22.0. Analysts had expected the index to decline to 19.5.

That was the 10th consecutive month of growth, recovering some of the previous decline, but remaining below February's high of 43.3.

On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.

With regard to future activity in the sector, deteriorated to 25.4, compared to the April's reading of 27.4.

The also decreased to 17.3 in May, compared to a prior reading of 19.9, indicating a slower pace of hiring.

Immediately following the report, that was released simultaneously with the , traded at 1.1124, compared to 1.1127 prior to the publication, was at 1.3015 from 1.3032 ahead of the release of the data, while traded at 110.62 versus 110.47 earlier.

The , which tracks the greenback against a basket of six major rivals, was at 97.52, compared to 97.45 before the release.

Meanwhile, U.S. stock futures pointed to a lower open. The fell 85 points, or 0.41%, the lost 7 points, or 0.30%, while the traded down 4 points, or 0.07%.

Elsewhere, in the commodities market, exchanged hands at $1,260.15, compared to $1,261.47 prior to the release, while traded at $48.48 a barrel from $48.42 earlier.