Empire State manufacturing index climbs to best level in eight months in June

The numbers: The Empire State manufacturing survey rose 4.9 points in June to a reading of 25, the highest reading since October.

Any reading above zero indicates improving conditions. Economists polled by Econoday expected a reading of 19.1.

What happened: There were solid gains for both new orders and shipments, and the employment index jumped 10.3 points to a reading of 19. Though down slightly on the month, the prices paid index was a very high 52.7.

The big picture: The Empire State index adds to other economic indicators released this week showing an economy running hot. The Federal Reserve on Wednesday hiked interest rates and lifted its forecast for how many increases it will make this year.

Market reaction: U.S. stock futures pointed to a weaker start for the Dow Jones Industrial   keying off the announcement the U.S. will impose tariffs on China.