Today's Economic Data Docket - Chicago PMI, ADP And Factory Orders
ADP, ISM-leading Chicago PMI, and factory orders. Very little risk of headline risk out of Europe which is doing all it can to preserve the last days of its vacation, confirmed even more by Italy slowly unwinding all components of its austerity plan.
8:15: ADP employment report (August): No strike impact. The ADP report measures the number of persons included in firms’ payroll processing systems during a given month, and does not collect information on whether they were actually working and/or paid. It is therefore unlikely to show an impact from the Verizon strike which occurred in early August, and could point to higher job growth than the BLS count of private payrolls reported Friday.
Consensus: +100k; Last +114k. MAP: 3
9:45: Chicago purchasing managers’ index (August). Likely drop. The Chicago purchasing managers’ index remains elevated compared to the other regional manufacturing surveys, and therefore looks likely to decline this month. Goldman forecasts that the index slipped to 52.0, from 58.8 previously.
GS: 52.0; Consensus: 53.3 with a range of 49.0 to 56.1; Last: 58.8. MAP: 4
10:00: Factory orders (July): Healthy gain. The already-released durable goods report suggests that total factory orders likely increased in July—Goldman forecasts a gain of 2.0% month-over-month. Revisions to durable goods shipments or news on inventories could affect the bean-count model of Q3 GDP growth.
GS: +2.0%; Consensus: +2.0%; Last -0.8%.
12:30: Atlanta Fed President Dennis Lockhart on the economy.
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