Here comes the Philly Fed ...

The latest Philly Fed Business Outlook is set for release at 8:30 a.m. ET.

Economists forecast that the index of general activity rose to 3 in May after dipping to 1.6 last month, according to Bloomberg.

They are looking into this report for clues about whether the manufacturing recovery is taking longer than expected. The Empire State Manufacturing index out Monday unexpectedly fell to -9.02 after rising to a 15-month high of 9.56 in April.

This month's Philly Fed survey asked manufacturers about expected changes in prices received for goods and services over the next year.

We'll have the latest when the data cross, so refresh this page for updates.