Here comes the Philly Fed ...

The Philadelphia Federal Reserve’s latest reading on manufacturing activity in the region is due at the top of the hour.

Economists estimate that the index rose to 6.8 in August from 5.7 last month, according to Bloomberg.

This index is expected to provide a more complete picture of manufacturing in the northeast, after the Empire State manufacturing survey index plunged to the lowest level since 2009 on Monday.

In a preview to clients, UBS’ Sam Coffin wrote: “Details of the Philadelphia Fed survey were even softer than the headline index in July. The headline index, which is based on a single, stand-alone question about general business conditions, fell to 5.7 from 15.2; however, our ISM-equivalent series, which aggregates other details of the survey, fell almost to its 50 break-even level. We project reacceleration in August, as the national ISM index has not appeared as weak.”

We’ll be back with the latest once the report crosses.

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