Based on the Bloomberg ECO calendar: If on 5/23 actual US Manufacturing PMI is reported as 48, how should you evaluate this number? This indicates that the survey participants are more optimistic about the economy than expected, but this will have no effect on changing future economic expectations. This indicates that the survey participants are more optimistic about the economy than expected and that future economic indicators are likely to show higher economic growth than previously expected. This indicates that the survey participants are less optimistic about the economy than expected, and that future economic indicators are likely to show lower economic growth than previously expected