Today's Economic Data Docket - Manufacturing ISM And GM Channel Stuffing

ISM manufacturing index, construction outlays and vehicle sales/GM channel stuffing.
 
10:00: ISM manufacturing index (September): Small decline. Goldman forecasts another decline in the ISM manufacturing index to 49.5, based on signals from the regional manufacturing surveys and other leading indicators of industrial activity. GS sees risks on both sides of the number. On the one hand, the Chicago purchasing managers’ index unexpectedly increased last month. On the other hand, our Goldman Sachs Analyst Index (GSAI) fell to a new low for the current expansion, and the new orders component deteriorated sharply.
GS: 49.5; Consensus: 50.3; Last: 50.6.
 
10:00: Construction outlays (August): Weaker residential. Goldman forecasts that nominal construction expenditures were unchanged in August as weaker housing activity offset a small gain in nonresidential building.
GS: Flat; Consensus: -0.2%; Last -1.3%. MAP: 1

11:00: POMO: The Open Market Desk to buy nominal Treasury coupons in the 02/15/2036 - 08/15/2041 maturity range. The expected purchase size is between $2.25 - $2.75 billion

13:00: Dallas Fed President Richard Fisher on Bloomberg Radio.
 
Afternoon: Lightweight vehicle sales (September). Vehicle sales have held up surprisingly well despite the drop in confidence in late summer. This is likely due in no small part to GM/the government handing out NINJA subprime loans to all potential GM purchasers. Zero Hedge expects to see another material push higher in the dealer channel stuffing by GM.
Total: GS: 12.4m; Consensus: 12.6m; last: 12.1m.
Domestic: GS: 9.6mm; Consensus: 9.8m; Last 9.5m.
 
18:00: Richmond Fed President Jeffrey Lacker on “Economics After the Crisis”. Q&A expected.

Source: GS, SMRA and ZH

Comments

[Cassandra Syndrome]

More jISM stats bitchez

[mayhem_korner]

Thanks to the crumbling Parthenon and some Wall Street bonfires, little attention is being paid to these weekly indicators of complete economic meltdown in the U.S.  It will be interesting when folk turn away from watching the House of Greece float down the river and find themselves chest deep in rising water...

[batterycharged]

Good comment on the subprime loans. I was always curious why auto sales hadn't been much, much worse lately.

How long before repo man blows up GM's financials?

[Long-John-Silver]

GM/the government handing out NINJA subprime loans to all potential GM purchasers

I wonder what will happen when all these people buying GM vehicles start defaulting on their payments.