The Commerce Department was scheduled to release its October report on International Trade today; but, they're still shut down due to the budget impasse. Nevertheless, all of us economic news junkies can be of good cheer because tomorrow the Philly Fed will once again ride to our rescue.

On November 16, during the first shutdown,the Philadelphia Federal Reserve Bank's monthly survey of economic activity was the only game in town. When that survey reported that the District 3 Index of Manufacturing Activity dropped from 25.5 to 7.9 and that the Prices Paid Index had dropped from 30 to 12.3, there was a general celebration by the bond and stock markets.

Tomorrow, once again, the Philly Fed's monthly report will be the only game in town. So, we'll take another look at whether the trends of declining business activity and waning inflation are still in place.

Byline: Lafferty (MF Merlin)