Here Comes The Empire State Manufacturing Survey...

Economists expect the headline number to slip to 5.0 from 7.84 in June.

"Manufacturing surveys generally indicated better conditions in June than in May," said UBS's Kevin Cummins and Sam Coffin.

"However, the NY Fed survey was more ambiguous: The headline index improved but details were softer. On an ISM-equivalent basis—using details of the survey to construct an ISM-equivalent composite index—the Empire State survey fell further below 50 in June. We expect some catch-up in the details of the Empire State survey in early July, but no change in the headline index."

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