We're standing by for the latest reading on manufacturing activity in New York state at 8:30 a.m. ET.
Economists estimate that the Empire State manufacturing index will be -10.50, according to Bloomberg, following the disastrous print of -19.37 last month.
The New York Fed noted in its last report that business activity dropped more sharply than at any time since the recession.
Manufacturing activity has been hammered in recent months by the strengthening of the dollar which made goods pricier, and weak global demand.
In a client preview, UBS economists wrote,
"Other surveys-the Philadelphia Fed and the ISM measures-did not show the same degree of weakness. We project some rise - albeit to a still contractionary level - in the current activity index in the Empire State survey in early February.
The recent slowing in overall economic activity has partially reflected slower capex-with weakness seemingly no longer confined to the energy sector. Capex expectations in the Empire State survey have been softening-with echoes in the broader Business Roundtable tally of capex expectations."
We'll have the latest at the bottom of the hour, so refresh this page for updates.