Weekly calendar 11/28~12/02/2016
We have the data avalanche that we often see when the first two days of the new month are at the end of the week. This quirk of the calendar makes this the biggest week of the year for data.
The “A” List
- Employment report (F). Expectations are a little lower for the data markets see as most important.
- Consumer confidence (T). A good concurrent read on spending and employment.
- ISM index (Th). Still modest growth in this widely-followed measure?
- Auto sales (Th). Important sector, private data, and not a survey. What more could you want?
- ADP private employment (W). Deserves more respect as an alternative to the “official” data.
- Personal income and spending (W). Important economic growth indicator. Will strength continue?
- Beige book (W). Provides descriptive color for FOMC participants, and occasionally some policy insight.
- Initial claims (Th). The best concurrent indicator for employment trends.
The “B” List
- Construction spending (Th). Rebound expected in this important sector.
- GDP second estimate (T). Somewhat “old news” but still the base for the ultimate measure of economic growth.
- Chicago PMI (W). Most important of the regional surveys, with some predictive power for ISM.
- Pending home sales (W). Less direct impact than new construction, but a good read on the housing market.
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Crude inventories (W). Recently showing even more impact on oil prices. Rightly or wrongly, that spills over to stocks.
For those who missed it during the holiday-shortened week, Fedspeak is back! We could also get big news out of the oil production talks between OPEC and non-OPEC members.
