Earlier today the Q1 Quarterly Services Report was released. Economist Joseph Brusuelas noted that this should boost Q1 PCE from 1.9% to 2.4% annualized growth rate. That should push up Q1 GDP a little more.

• At 8:30 AM ET, The initial weekly unemployment claims report will be released.  The consensus is for 270 thousand initial claims, up from 267 thousand the previous week.

• At 10:00 AM, Monthly Wholesale Trade: Sales and Inventories for April. The consensus is for a 0.1% increase in inventories.

• At 12:00 PM, Q1 Flow of Funds Accounts of the United States from the Federal Reserve.

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