Here comes the Dallas Fed ...

The latest manufacturing report from the Dallas Federal Reserve is set for release at the bottom of the hour.

Expectations are for the reading to come in at -3.8, slightly better than July's -4.6 reading but still indicating a decline in activity in the region.

Over the last 9 months, this report has been closely watched as markets look for signs of how the crash in oil prices is impacting businesses in Texas, the epicenter of the recent US oil boom.

And so while conditions in Texas slowly recovered in the last couple months, the price of oil crashed hard again in August, and so we'll see if the impacts were felt by Texas' business community.

We'll be back with the full breakdown when the numbers cross.