Here comes Empire State manufacturing ...

The latest report on regional manufacturing activity from the New York Fed will kick off this week's economic data schedule at 8:30 a.m. ET.

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.