Economic Events on May 5, 2010

The Mortgage Bankers’ purchase index was released at 7:00 AM EDT, and there was a week to week increase of 13% last week, which is the third week of gains in a row, and was attributed to the end of the second federal stimulus program and low interest rates.

The Challenger Job-Cut Report was released at 7:30 AM EDT, and it showed that there were 38,326 layoffs in April, which is about 30,000 fewer layoffs than what were reported in March, and is another sign that the employment market is improving.

At 8:15 AM EDT, the ADP Employment Report will be released.  Investors will be watching this number to get advance notice on the state of the job market in advance of the government’s report on Friday.

At 9:00 AM EDT, the Treasury Refunding Announcement for the next two quarters will be released, telling bond investors what securities will be offered in that time frame and the dates of their announcement, auction and settlement.

At 10:00 AM EDT, the ISM non-manufacturing index for April will be released.  It rose 2.4 points in March, and the consensus estimate is that it increased 1 point last month, pointing to continued economic growth in the United States.

At 10:30 AM EDT, the weekly Energy Information Administration Petroleum Status Report will be released, giving investors an update after a drop in oil prices yesterday.

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