TD Securities' analysts are expecting the U.S. personal spending to have advanced at a strong 0.5% m/m pace in May, up from 0.3% in April (which may be revised to the upside).

• "We don’t discard a stronger print at 0.6% if the rebound on durable goods spending is stronger than we currently anticipate. Moreover, we forecast income to rise 0.3% m/m, a tad slower than in the prior month.
• We also expect core PCE inflation to advance 0.2% m/m and to stabilize at 1.6% y/y in May. Headline inflation should also rise 0.2% m/m and remain steady at 1.5% y/y.
• The final release of UMich's consumer survey for June and the Chicago PMI should also garner attention on Friday.”