Here come retail sales ...

The Census Bureau will release the advance estimate of retail sales for August at 8:30 a.m. ET.

Economists estimate that retail sales climbed 0.3% month-on-month (0.6% prior), and 0.4% excluding autos and gas.

Meanwhile, Bank of America Merril Lynch economists estimate a 0.8% plunge excluding autos month-on-month, based on the firm's credit card data.

They note that spending typically increases in the back-to-school period during August, but the trend in retail sales this year has been on the decline.

They also think that because Labor Day was a little later than usual this year, school spending may have been pushed into September.

And in a note to clients, Wells Fargo's John Silva said falling gas prices may push down the headline retail sales number.

We'll be back with the details of the data once they cross.