Today's eocnomic calendar will be busy, covering personal income and spending, consumer sentiment, and the Chicago purchasing managers index.
The day begins with with personal income and outlays for August at 8:30 a.m. ET. The consensus forecast for income calls for a reading of 0.2 percent, down from July's 0.3 percent. Estimates range from 0.1 percent to 0.3 percent.
The forecast for August personal spending is 0.5 percent, up from 0.4 percent in July. The range of estimates is from 0.3 percent to 0.8 percent.
The August PCE price index is expected to come in at 0.5 percent versus zero change in July. Estimates range from 0.1 percent to 0.6 percent.
The core PCE price index for August is projected at 0.1 percent versus July's unchanged reading. The estimated range is from 0.1 percent to 0.2 percent.
The Chicago PMI for September will be released at 9:45 a.m. ET. The consensus forecast calls for the index to remain at 53, the same as August's level. Estimates range from 50.2 to 54.0.
Consumer sentiment for September will follow at 9:55 a.m. ET. The consensus expectation is a print of 79.0, down from 79.2 in August. The range is from 75.0 to 81.50.
The last scheduled event of the day is a speech by Dallas Federal Reserve President Richard Fisher at 1 p.m. ET.
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Consumer sentiment leads calendar
May 17, 2013
The University of Michigan's consumer-sentiment index is the main economic report on today's economic calendar. A stronger number would be potentially bullish for equities, while a miss could provoke selling.
