A light data calendar today in an otherwise busy week:
8:30: Kansas City Fed President Thomas Hoenig to community bankers’ conference. Q&A scheduled.
10:00: Factory orders (March): Large increase. The substantial increase in durable goods orders in March implies a likely gain in overall factory orders. In addition, higher oil prices may lift the nominal value of petroleum shipments – a component of nondurable goods. Manufacturing inventory data included in the report could lead to revisions to Q1 GDP.
GS: +2.4%; median forecast (of 66) +2.0%; last -0.1%.
Afternoon: Lightweight vehicle sales (April). Nearly unchanged. Anecdotal reports from the manufacturers suggest overall vehicle sales were about unchanged in April.
For total sales: GS: 13.0m; median forecast (of 42): 13.0m; last: 13.1m.
For domestic: GS: 9.8m; median forecast (of 18): 9.9m; last 9.9m.
Via ZH and GS