At 8:30 a.m. ET, the New York Fed will release its latest reading on business activity in the state.
Economists forecast that the Empire State manufacturing index advanced to -6.35 in November from -11.36, according to Bloomberg.
Here's a preview from Deutsche Bank's Joe LaVorgna:
"The New York Fed Empire survey is expected to remain in negative territory for the fourth consecutive month and for the fifth time in the last six months. On an ISM-adjusted basis, the headline Empire series stood at 46.3 last month, which tells us the economy could be in an industrial recession.
Within the Empire data, pay close attention to the new orders, employment and shipments figures-both new orders and shipments are below the headline number, pointing to further downward momentum in the latter. The six-month outlook is also worth paying attention to-it stood at 23.4 in October, up slightly from September's 23.2 reading, which was the lowest level since January 2013 (22.7)."