by Calculated Risk on 3/28/2013 09:54:00 PM

Note: Markets Closed will be closed Friday in observance of the Good Friday Holiday.

Earlier the Chicago ISM reported:

The Chicago Purchasing Managers reported the Chicago Business Barometer veered downward, falling 4.4 points to 52.4 in March. After a strong start to the year, the Business Barometer was knocked back by steep declines in New Orders, Production, and another disappointing dip in Order Backlogs. All other Business Activity measures also declined in March, the exception being supplier lead times, which lengthened considerably. 

The employment index declined slightly to 55.1 from 55.7, and new orders were down sharply to 53.0 from 60.2 in February (above 50 is expansion).

Also, Catherine Rampell at the NY Times Economix brings us another reminder that the middle class is struggling: Median Household Income Down 7.3% Since Start of Recession

Median annual household income in February 2013 was $51,404, about 1.1 percent (or $590) lower than the January 2013 level of $51,994. The numbers are all pretax, and are adjusted for both inflation and seasonal changes.

February’s median annual household income was 5.6 percent lower than it was in June 2009, the month the recovery technically began; 7.3 percent lower than in December 2007, when the most recent recession officially started; and 8.4 percent lower than in January 2000, the earliest date that this statistical series became available.

Friday economic releases:
• At 8:30 AM ET, Personal Income and Outlays for February. The consensus is for a 0.9% increase in personal income in February (following the sharp increase in December due to some people taking income early to avoid higher taxes, and then the subsequent sharp decline in January), and for 0.6% increase in personal spending. And for the Core PCE price index to increase 0.2%.

• At 9:55 AM, Reuter's/University of Michigan's Consumer sentiment index (final for March). The consensus is for a reading of 72.5.

• At 10:00 AM, the Regional and State Employment and Unemployment (Monthly) for February 2013 will be released.