Here comes industrial production …

The latest data on industrial production and capacity utilization are set for release from the Federal Reserve at 9:15 a.m. ET.

Economists estimate that industrial production fell 0.2% month-on-month, while capacity utilization dropped to 76.8% from 77%.

The data offer a window into the state of manufacturing, mining, and electric and gas utilities.

Here’s Morgan Stanley’s preview to clients: “We estimate IP fell for a fourth straight month, with manufacturing declining 0.2%, drilling and mining dropping 1.3%, and utilities rebounding 1.1%. Industry figures pointed to a 4% pullback in motor vehicle assemblies, while a 0.1% dip in factory hours worked in the employment report was consistent with flat manufacturing ex autos output.

The rig count fell 6% to a new low, indicating another sharp drop in drilling, and oil extraction should, with a delay, start to see more weakness as inventories of previously dug wells are depleted.”

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