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Today's Economic Data Highlights

Submitted by Tyler Durden on 11/09/2010 08:55 -0400

Small business survey, wholesale inventories, and consumer confidence…

7:30: NFIB small business optimism index for Oct…back up? This index edged up in August and again in September, and the handful of economists who forecast it expect a modest further gain in October. The detailed results from this survey have indicated for quite some time that the number one problem small companies face is weakness in sales.
Median forecast (of 9): 90, ranging from 89 to 91; last 89.0.

10:00: Wholesale inventories for Sep…another large increase? These inventories are goods that are essentially in transit from factories or from the docks to final destinations such as retail outlets and are therefore difficult to forecast. In its preliminary estimate of third-quarter growth, the Commerce Department assumed a hefty 1.5% increase in wholesale inventories for September. This makes sense given the sharp increase that has occurred in imports—some of it due to a tax law change in China. However, this figure is at the upper end of the range of estimates for the report, suggesting implicitly that those who forecast it either expect a significant downward revision to the growth figure or a significant improvement in tomorrow’s trade report for September.
Median forecast (of 34): +0.7%, ranging from +0.3% to +1.5%; last +0.8%.

17:00: ABC consumer comfort index…It’s been bouncing between -47 and -45 lately, last at -46.

Compiled using Goldman data