Today's Economic Data - Chicago PMI, ADP, Pending Home Sales, Beige Book

Some important economic data upcoming, which will certainly be drowned in the headline rush, now that Asia is once again on the radar.

8:15: ADP employment report (November): Slightly faster growth. Over the last three and six months, growth in the official count of private nonfarm payrolls has exceeded the ADP estimate by about 20k per month. Therefore, consensus forecasts for a gain in private payrolls of about 150k should be roughly consistent with a 130k increase for ADP.

Consensus: +130k; Last +110k. MAP: 3
 
8:30: Productivity and costs (Q3-final): Downward revision. The downward revision to Q3 real GDP growth (and growth in real gross value added in the nonfarm business sector) implies a likely downward revision to nonfarm productivity growth to +2.5% (quarter-over-quarter, annualized) from +3.1% originally reported. GS expects growth in unit labor costs will be revised up to about -2.0% from -2.4% previously.
Productivity: GS: +2.5%; Consensus: +2.5%; Last (Q2-prelim) +3.1%.
Unit labor costs: GS -2.0%; Consensus: -2.1%; Last (Q2-prelim) -2.4%.
 
9:45: Chicago purchasing managers’ index (November). Possible decline. The available regional manufacturing surveys released so far for November point to a small net improvement in activity, but suggest that the rate of growth remains low. The Chicago purchasing managers’ index is still quite high compared to the other surveys, and we therefore think it could begin to correct downward. We forecast a decline to 56.0 from 58.4 previously.
GS: 56.0; Consensus: 58.5; Last: 58.4. MAP: 4
 
10:00: Pending home sales (October): Small rebound. The pending home sales index – which tracks signed home sales contracts, and leads the official count of existing home sales by 1-2 months – has softened in recent months. The consensus expects a small rebound (+2.0%) for October.
Consensus: +2.0%; Last -4.6%. MAP: 2

11:00: Fed doubles down as Treasury, sells bonds in 4/15/2013-10/31/2013 range

11:30: Philadelphia Fed President Charles Plosser moderates panel at Fed conference.
 
14:00: Federal Reserve’s Beige Book. The Fed’s Beige Book—an anecdotal summary of economic conditions compiled by the regional banks—signaled an ongoing expansion in September (the most recent report), but said that many contacts reported growth in activity was “modest” or “slight”. The November Beige Book seems likely to have a similar tone, although improvements in a few indicators suggest comments could be upgraded in some sectors. For instance, vehicle production ramped up recently, and the regional manufacturing surveys have improved on net over the last two months.

Source: GS, SMRA, ZH

Comments

[MFL8240]

More lies and deception by the US clowns.  Can you imagaine any truth in the beige book coming from the likes of this Federal reserve?  I can't!

[firstdivision]

Challenger job cuts rocking the nearly 50k weekly.

[longonSpam]

Here we go.. CNBS announcement on world central banks in "Joint Action Adding Liquidity". Hello worldwide QE3

[lolmao500]

Who cares about all that? THIS IS FUCKING IMPORTANT :

http://www.aclu.org/blog/national-security/seriously-senate-considering-...

Senate Considering Repeal of Anti-Torture Measures

Yesterday, the ACLU and over 30 other organizations sent a letter to the Senate asking them to oppose an effort in Congress that threatens to revive the use of torture and other inhumane interrogation techniques. If passed, an amendment introduced by Sen. Kelly Ayotte (R-N.H.) to the Defense Authorization bill would roll back torture prevention measures that Congress overwhelmingly approved in the 2005 McCain Anti-Torture Amendment, as well as a 2009 Executive Order on ensuring lawful interrogations.

[slaughterer]

ADP goes up by how many standard deviations!!!  Statistical fraud gone full retard!!!

[SAME AS IT EVER WAS]

Mirror mirror on the wall, who is the best fiddle player of them all!