Personal income, Chicago PMI on tap

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Today's economic calendar is relatively quiet, with personal income and Chicago PMI as the only data scheduled for release.

The Commerce Department will report personal income and personal spending for October at 8:30 a.m. ET. Economists predict an increase of about 0.1 percent for each, compared with gains of 0.4 percent for income and 0.8 percent for spending in September. The report is unlikely to affect market sentiment.

The Chicago Purchasing Managers Index for November follows at 9:45 a.m. ET. Economists anticipate a reading of 50.7, up from October's 49.9. A reading over 50 indicates an expansion.

While the report can provide clues above the overall economy, its focus on one geographic area usually prevents it from swaying broader sentiment.

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