The PCE report is the Federal Reserve's preferred measure of inflation in the United States.

The consensus expects personal income to decline another 0.2% month-over-month, matching the previous month's contraction, and personal spending is forecast to fall 0.1% on the month, compared to a 0.2% gain in February.

According to BBVA economist Kristin Lomicka, the terrible business environment in the U.S. is pushing companies to restructure their labour force by cutting hours and bringing down salaries, resulting in the "lowest level in history" of personal income.

In Canada, the general consensus forecast is for February GDP to decline 0.1% against a 0.7% drop in January.

TD Securities economist Millan Mulraine anticipates a slightly higher result of 0.1% growth in the month.

"Despite this dire prognosis, economic activity appears to have ticked up slightly in February on the back of strong export demand, and the resurgence in the Canadian manufacturing sector and housing activity during the month," he said.

The U.S. will also release jobless claims for the week ending April 25. Claims are expected to remain unchanged at 640k.

All times in EDT.

8:30 CA Industrial Product Price (M/M) March Exp: +0.5% Prior: +0.4%

8:30 CA Gross Domestic Product (M/M) February Exp: -0.1% Prior: -0.7%

8:30 CA Raw Materials Price Index (M/M) March Exp: +2.0% Prior: +1.7%

8:30 US Personal Income March Exp: -0.2% Prior: -0.2%

8:30 US Personal Spending March Exp: -0.1% Prior: +0.2%

8:30 US PCE Deflator (Y/Y) March Exp: +0.7% Prior: +1.0%

8:30 US PCE Core (M/M) March Exp: +0.2% Prior: +0.2%

8:30 US PCE Core (Y/Y) March Exp: +1.8% Prior: +1.8%

8:30 US Employment Cost Index Q1 Exp: +0.5% Prior: +0.5%

8:30 US Initial Jobless Claims W/E April 25 Exp: +640K Prior: +640K

8:30 US Continuing Claims W/E April 18 Exp: +6200k Prior: +6137K

9:45 US Chicago Purchasing Manager April Exp: +35 Prior: +31.4

10:00 US NAPM-Milwaukee April Prior: +30

10:30 US EIA Natural Gas Storage Change W/E April 24 Exp: +81 Prior: +46

11:00 US Treasury to Buy Back Notes/Bonds

By Megan Ainscow, This email address is being protected from spam bots, you need Javascript enabled to view it , edited by Sarah Sussman, This email address is being protected from spam bots, you need Javascript enabled to view it

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