Economic Events on September 1, 2010

The figures for motor vehicle sales in August will be released today.  The consensus estimate is that 8.7 million autos were sold last month, which would be the same number of autos sold in July.

The Mortgage Bankers’ Association purchase index was released at 7:00 AM EDT, and there was a week to week increase of 1.8% in the Purchase Index and a week to week increase of 2.8% in the Refinance Index due to low interest rates.

The Challenger Job-Cut Report was released at 7:30 AM EDT, and it showed that there were 34,768 layoffs in August, which is about 7,000 less than the number of layoffs that were reported in July.

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 10:00 AM EDT, the Construction Spending report for July will be released, and the consensus is that there will a decline of 0.6% in spending compared to the previous month, following a surprise increase of 0.1 percent in June.

Also at 10:00 AM EDT, the ISM Manufacturing Index for August will be released.  The consensus is that the index value will be 53.0, which would be an decrease of 2.5 points from July, but would be the thirteenth month of expansion in a row.

At 10:30 AM EDT, the weekly Energy Information Administration Petroleum Status Report will be released, giving investors an update on oil inventories in the United States.

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