Today's economic calendar features includes mortgage data, oil inventories, productivity reports, the Fed Beige Book, and several speeches by Federal Reserve officials.
The day starts with the weekly report on MBA mortgage-purchase applications at 7 a.m. ET.
Productivity and labor costs for the first quarter will be reported at 8:30 a.m. ET. Analysts are expecting a non-farm productivity reading of -0.5 percent, compared with -0.8 percent in the fourth quarter of 2011. Estimates range from -1.1 percent to zero.
Unit labor costs are expected to climb slightly to 2.1 percent from the previous 2 percent. The range of expectations is from 1.2 percent to 2.5 percent.
Weekly EIA oil inventories are scheduled to come out at 10:30 a.m. ET. The last reading was 2.213 million barrels of crude.
The Fed Beige Book for May will be released at 2 p.m. ET, followed by Treasury STRIPS at 3 p.m. ET.
Below is the day's schedule of Fed appearances:
- Atlanta Federal Reserve Bank President Dennis Lockhart at 8:15 a.m. ET and 2:15 p.m. ET.
- Federal Reserve Governor Daniel Tarullo at 10 a.m. ET.
- Atlanta Federal Reserve Bank President Dennis Lockhart at 2:15 p.m. ET.
- San Francisco Federal Reserve Bank President John Williams at 3:30 p.m. ET.
- Federal Reserve Vice Chair Janet Yellen at 7 p.m. ET.
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