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The Fed Isn’t the Only Item on the Calendar |
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Monday, 29 October 2007 |
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By Rick Pendergraft
The GDP report comes out before the opening bell on Wednesday. Analysts expect that the economy grew at an annual rate of 3.1 percent in the three-month period. This would be down slightly from the 3.8-percent growth rate we saw in the second quarter. I would not be surprised if it was worse than the expectations.
The items that stand out are the initial third-quarter GDP report, the October employment report, and factory orders for September.
The October employment report comes out Friday morning, and analysts are expecting nonfarm payrolls to increase by 90,000 after increasing by 110,000 in September. Watch out for those revisions, though. Remember that the August numbers were revised dramatically in early October. The initial claims have been trending higher over the past month, and the four-week average is now at 325,000, the highest level since early September.
The last item on the calendar is September factory orders. Analysts expect a modest gain after a dip of 3.3 percent in August. Having seen the durable goods orders for August, look for factory orders to be down in September.
Date | Time (ET) | Statistic | For | Market
Expects | Prior | 30-Oct | 10:00 AM | Consumer Confidence | Oct | 100 | 99.8 | 31-Oct | 8:30 AM | GDP-Adv. | Q3 | 3.10% | 3.80% | 31-Oct | 8:30 AM | Chain Deflator-Adv. | Q3 | 2.10% | 2.60% | 31-Oct | 8:30 AM | Employment Cost Index | Q3 | 0.90% | 0.90% | 31-Oct | 9:45 AM | Chicago PMI | Oct | 53 | 54.2 | 31-Oct | 10:00 AM | Construction Spending | Sep | -0.30% | 0.20% | 31-Oct | 2:15 PM | FOMC policy statement | - | - | - | 1-Nov | 8:30 AM | Personal Income | Sep | 0.40% | 0.30% | 1-Nov | 8:30 AM | Personal Spending | Sep | 0.40% | 0.60% | 1-Nov | 8:30 AM | Core PCE Inflation | Sep | 0.20% | 0.10% | 1-Nov | 10:00 AM | ISM Index | Oct | 52 | 52 | 1-Nov | 10:00 AM | Pending Home Sales | Sep | - | -6.50% | 1-Nov | 5:00 PM | Auto Sales | Oct | 5.1M | 5.2M | 1-Nov | 5:00 PM | Truck Sales | Oct | 7.2M | 7.3M | 2-Nov | 8:30 AM | Nonfarm Payrolls | Oct | 90K | 110K | 2-Nov | 8:30 AM | Unemployment Rate | Oct | 4.70% | 4.70% | 2-Nov | 8:30 AM | Hourly Earnings | Oct | 0.30% | 0.40% | 2-Nov | 8:30 AM | Average Workweek | Oct | 33.8 | 33.8 | 2-Nov | 10:00 AM | Factory Orders | Sep | 1.00% | -3.30% |
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