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.