The Commerce Department released a report on Monday showing U.S. retail sales increased by much more than expected in the month of March.
The report said retail sales climbed by 0.7 percent in March after advancing by an upwardly revised 0.9 percent in February.
Economists had expected retail sales to rise by 0.3 percent compared to the 0.6 percent increase originally reported for the previous month.
Excluding a pullback by sales by motor vehicle and parts dealers, retail sales jumped by 1.1 percent in March after climbing by 0.6 percent in February. Ex-auto sales were expected to rise by 0.4 percent.
A separate report released by the Federal Reserve Bank of New York showed regional manufacturing activity has contracted at a slower rate in the month of April.
The New York Fed said its general business conditions index climbed to a negative 14.3 in April from a negative 20.9 in March, although a negative reading still indicates contraction. Economists had expected the index to jump to a negative 9.0.
Looking ahead, the New York Fed said firms still expect conditions to improve over the next six months, but the index for future business conditions fell to 16.7 in April from 21.6 in March.
At 10 am ET, the National Association of Home Builders is scheduled to release its report on homebuilder confidence in the month of April. The housing market index is expected to come in unchanged in April after climbing to 51 in March.
The Commerce Department is also due to release its report on business inventories in the month of February at 10 am ET. Business inventories are expected to rise by 0.3 percent in February after coming in unchanged in January.
At 8 pm ET, San Francisco Federal Reserve President Mary Daly is scheduled to speak a before hybrid Associates Meeting of the 2024 Stanford Institute for Economic Policy Research.