Here comes Empire State manufacturing ...
The consensus forecast among economists polled by Bloomberg is for a general business conditions index reading of 4.50, up from 3.9.
In preview of the monthly survey to clients, UBS's Kevin Cummins wrote: "The current activity index in the Empire State manufacturing index has been running weaker than the national ISM for some time. Details of the survey have appeared no stronger: our ISM-equivalent measure, which combines details of the survey in the same fashion as the manufacturing ISM, was below the break-even 50 level in July. We project some catch-up in August. The one positive element in the July NY Fed survey was a rebound in capex expectations."
We'll be back with the latest at the bottom of the hour.
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