Despite mixed regional manufacturing numbers, economists are expecting a slightly weak national number for the ISM manufacturing report. The consensus is for a reading of 48.0 following last month's reading of 48.6.

Mike Englund, chief U.S. economist for Action Economics, said markets are priced in for weaker data. He added there is room for the data to "underperform without surprising the markets."

"I would think that an upside surprise would be more of a 'shock' to the market, which does assume weakness," he said.

Markets will also receive U.S. personal income and spending data for March. The consensus for personal spending is expected to increase 0.2% following February's increase of 0.1%. Personal income is expected to rise 0.4% following February's rise of 0.5%.

The core PCE data is expected to rise 0.1% following February's rise of 0.1%. The annualized rate is expected to increase 2.0% following February's similar rise.

In Canada, markets will get round two from Bank of Canada Governor Mark Carney and Finance Minister Jim Flaherty. They are scheduled to continue testimony before the Standing Committee on Banking.

All times in EDT.

Thursday

7:30 US Challenger Job Cuts (Y/Y) April Prior: +9.4%

8:30 US Personal Income March Exp: +0.4% Prior: +0.5%

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

8:30 US PCE Deflator (Y/Y) March Exp: +3.2% Prior: +3.4%

8:30 US PCE Core (M/M) March Exp: +0.1% Prior: +0.1%

8:30 US PCE Core (Y/Y) March Exp: +2.0% Prior: +2.0%

8:30 US Initial Jobless Claims 26-April Exp: 365K Prior: 342K

8:30 US Continuing Claims 19-April Prior: 2934K

10:00 US ISM Manufacturing April Exp: 48 Prior: 48.6

10:00 US ISM Prices Paid April Exp: 83.5 Prior: 83.5

10:00 US Construction Spending (M/M) March Exp: -0.7% Prior: -0.3%

10:30 US EIA Natural Gas Storage Change 25-April Exp: 70 Prior: 24

11:30 CA BOC's Carney and Flaherty testify Before Standing Committee on Banking

1-May US Total Vehicle Sales April Exp: 15.1M Prior: 15.1M

1-May US Domestic Vehicle Sales April Exp: 11.4M Prior: 11.1M

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