by Calculated Risk on 5/22/2014 08:19:00 PM

First, a couple of manufacturing releases earlier today for May ...

From MarkIt: Markit Flash U.S. Manufacturing PMI™, Output rises at fastest pace in over three years

Operating conditions in the US manufacturing sector continued to improve during May, with strong rises in production and output complemented by further payroll growth.

After accounting for seasonal factors, the Markit Flash U.S. Manufacturing Purchasing Managers’ Index™ (PMI™) improved to 56.2 in May, up from April’s 55.4.

From the Kansas City Fed: Growth in Tenth District Manufacturing Activity Expanded Solidly

The Federal Reserve Bank of Kansas City released the May Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that growth in Tenth District manufacturing activity expanded solidly, and producers’ expectations for future factory activity remained at healthy levels.

“This was the third straight month of solid growth at factories in the region, following some weather-related weakness in previous months”, said Wilkerson. “More factories than in recent surveys were also able to raise selling prices.”

The month-over-month composite index was 10 in May, up from 7 in April and equal to 10 in March

Friday:
• At 10:00 AM ET, New Home Sales for April from the Census Bureau. The consensus is for an increase in sales to 420 thousand Seasonally Adjusted Annual Rate (SAAR) in April from 384 thousand in March.