A report released by the Labor Department on Friday showed import prices in the U.S. increased in line with economist estimates in the month of February.
The Labor Department said import prices rose by 0.3 percent in February after climbing by 0.8 percent in January. The uptick matched expectations.
Meanwhile, the report said export prices advanced by 0.8 percent in February following an upwardly revised 0.9 percent increase in January.
Economists had expected export prices to edge up by 0.2 percent compared to the 0.8 percent growth originally reported for the previous month.
The Federal Reserve Bank of New York also released a report showing New York manufacturing activity has contracted at a significantly accelerated rate in the month of March.
The New York Fed said its general business conditions index tumbled to a negative 20.9 in March from a negative 2.4 in February, with a negative reading indicating contraction. Economists had expected the index to decrease to a negative 7.0.
Looking ahead, the New York Fed said firms expect conditions to improve over the next months, although optimism remains subdued, with the index for future business conditions inching up to 21.6 in March from 21.5 in February.
At 9:15 am ET, the Federal Reserve is scheduled to release its report on industrial production in the month of February. Industrial production is expected to come in unchanged in February after edging down by 0.1 percent in January.
The University of Michigan is due to release its preliminary reading on consumer sentiment in the month of March at 10 am ET. The consumer sentiment index is expected to be unchanged in March after falling to 76.9 in February.