The Federal Reserve will release data on industrial production and capacity utilization in May at 9:15 a.m. ET.
Economists forecast that industrial production fell 0.2% after a 0.7% increase during the prior month, according to Bloomberg.
Capacity utilization was 75.2%, down from 75.4% in the prior month.
“Aggregate manufacturing hours worked weakened this month, alongside a drop in the ISM production index,” wrote Bank of America Merrill Lynch economists, who expect a 0.5% decline in production.
“As a result, we believe there will be a small 0.1% cut to manufacturing production,” they said in a note. “While we have seen a rebound in oil prices, oil rig counts have continued to fall and output cut back. Electricity usage has also scaled down notably, pointing to a contraction in utilities production.”