Today's Events: ISM, Initial Claims, Construction Spending And Car Sales

As the market digests the European bailout and prepapres to plunge back into the abyss of the unknown, we get ISM, jobless claims, construction spending and vehicle sales
 
8:30: Jobless claims (Week of November 26): Still improving? Initial jobless claims have steadily declined over the last several weeks. The four-week moving average of claims is now 394k, down from about 420k in early September. The Thanksgiving holiday sometimes causes volatility in the weekly claims count.
Consensus:  390,000; Last: 393,000.
 
9:00: Atlanta Fed President Dennis Lockhart gives welcome remarks at Fed conference.
 
9:05: St. Louis Fed President James Bullard speaks to Bloomberg News at conference.
 
10:00: ISM manufacturing index (November): Small gain. Regional manufacturing surveys available for November point to a small improvement in activity. Goldman forecasts that the ISM edged up to 51.0 from 50.8 previously. Yesterday’s Chicago PMI increased to a high level, but it still appears elevated relative to other manufacturing reports. The prices paid component of the report should show further signs of disinflation.
GS: 51.0; Consensus: 51.8; Last: 50.8.
 
10:00: Construction outlays (October): Flat. Nominal construction expenditures were likely unchanged in October, as a decline in residential outlays offset an increase in nonresidential building.
GS: Flat; Consensus: +0.3%; Last +0.2%.
 
Afternoon: Lightweight vehicle sales (November). Another increase. Manufacturer comments during the month were consistent with total vehicle sales of around 13.4 million units (saar), up from 13.2m units in October.
Total: GS: 13.4m; Consensus: 13.4m; Last: 13.2m.
Domestic: GS: 10.4mm; Consensus: 10.4m; Last 10.3m.

 

Source: GS