Here Comes Empire State Manufacturing...

The November Empire State Manufacturing report from the New York Fed is set for release at the bottom of the hour.

Expectations are for the reading to come in at 12, up from 6.17 last month.

In a note to clients ahead of the report, Ian Shepherdson at Pantheon Macro wrote that last month's report was likely dinged by the declining stock market in early October, which occurred during the survey period.

Shepherdson is looking for a sharp rebound to 20.

We'll be back with the live numbers when they hit.