Here comes the Philly Fed ...

The latest reading on regional manufacturing from the Philadelphia Fed is due at 10:00 a.m. ET.

Economists estimate that the index fell to 5.9 in September from 8.3 in the prior month.

On Tuesday, the Empire State manufacturing index from the New York fed was a huge miss for a second straight month, at -14.7.

Barclays economists reckon that the Philly Fed’s index provides a better reading of national trends.

Overall, this index would give us a more complete picture of manufacturing in the Northeast region.

We’ll be back with the latest details once they cross.

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