The index has come in below the 50-level, indicating growth in three of the past four months. In the previous month, the index ticked up three-tenths to 48.6, with contracting levels seen in new orders, production, and employment, while prices continued to soar.

The consensus sees the manufacturing sector falling to 48.0 in April, though expectations from the 78 economists range from as low as 45.5 to as high as 50.0.

Following the release of Chicago Business Barometer on Wednesday morning, which contracted in April but at a slower rate than in the previous two months, economists saw no need to revise their forecasts.

Abiel Reinhart, economist at JPMorgan, said the month's regional reports are consistent with a weak, "but not incredibly weak," manufacturing sector. He forecasts the ISM number at 47.0 in April, which would be a cyclical low.

Nigel Gault, chief U.S. economist at Global Insight, said domestic orders continue to decline and the only reason the ISM isn't even worse is the strength from foreign markets.

Exports have come in above 56.0 for each of the last three months, and Gault said signs of global demand are "fairly good" in coming months, though some weakening is expected in the euro zone.

Gault's forecast for the index was 47.8 last week, and nothing in the past few days has given him any reason to change that prediction, he said.

Earlier in the month, New York's Empire State manufacturing report rebounded into growth mode at +0.6, following an historic low of -22.2 in the previous month.

The substantial and unexpected bounce-back in New York provided some hope that the Philadelphia Fed index would see a boost as well, but instead it fell from -17.4 in March to -24.9 in April.

The Richmond Fed index then fell 6 points to come in at zero, confirming neither of the trends in New York or Philadelphia.

Overall, the regional reports point to a national figure just south of 50 at 47.8, said economics strategist Jacqui Douglas from TD Securities, who added that the ISM has been performing slightly better than regional reports have suggested in recent months.

Also, the prices paid component is expect to remain steady at the elevated level of 83.5.

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