The S&P PMIs for April

PPI data also suggested that we could get a modest downward revision as well to core PCE inflation for the previous months. Next week, we've got the flash S&P PMIs that will provide an important early signal on how the economy is evolving in May. Manufacturing edged into expansionary territory in the PMIs for April, but we believe the underlying trend of the manufacturing sector remains weak. We're looking for around 0.3% month for month, 0.292 to be precise.