By Kasra Kangarloo
WASHINGTON (MNI) – Next week’s economic data will feature the Institute for
Supply Managers purchasing managers’ index and a string of jobs data, including
the latest employment report.
November nonfarm payrolls, to be released Friday at 8:30 a.m. ET, will
follow on the heels of one of the strongest reports of the year. Though the
unemployment rate edged up to 7.9% in the October report, payroll gains were
stronger than expected and saw significant upward revisions to the previous two
months.
Additionally, the unemployment rate rose for the “right” reasons — a jump
in the job market participation rate which outpaced hiring over the month.
Other jobs data to be released include the November ADP employment report
Wednesday at 8:15 a.m. ET, jobless claims Thursday at 8:30 a.m. ET and the
November Challenger layoffs report Thursday at 7:30 a.m. ET.
As always, it should be noted that the ADP report generally does a poor job
tracking changes in the Labor Department report on a monthly basis. Jobless
claims have also been very bumpy lately due to the effects of Hurricane Sandy.
The manufacturing sector is expected to continue its modest but steady
expansion in the latest ISM report, to be released Monday at 10:00 a.m. ET. The
index was better than expected in October off a boost in orders, though the MNI
Chicago report, which has a strong record of tracking the national index, showed
a sharp drop in orders over November.
The ISM non-manufacturing report will be released Wednesday at 10:00 a.m.
ET and the New York ISM report will be released Tuesday at 9:45 a.m. ET.
The preliminary December University of Michigan consumer sentiment index
will be released Friday at 9:55 a.m. ET and is expected to show continued
strength in consumer confidence.
Other economic data to be released over the week include October
construction spending Monday at 10:00 a.m. ET, third quarter nonfarm
productivity Wednesday at 8:30 a.m. ET, October consumer credit Friday at 3:00
p.m. ET and the Mortgage Bankers Associations’ mortgage applications index
Wednesday at 7:00 a.m. ET.
Federal Reserve speakers over the week are listed below:
Boston Federal Reserve president Eric Rosengren will speak at a New York
Federal Reserve conference Monday at 12:15 p.m. ET.
St. Louis Federal Reserve president James Bullard will speak on the economy
in Arkansas Monday at 1:40 p.m. ET.
Federal Reserve governor Daniel Tarullo will speak at the Brookings
Institution in Washington, D.C. Tuesday at 10:45 a.m. ET.
— Kasra Kangarloo is a reporter for Need to Know News
–MNI Washington Bureau; tel: +1 202-371-2121; email: dcoffice@mni-news.com
[TOPICS: MAUDS$,MAUPR$,M$U$$$]
