Economic Events on December 1, 2010

The figures for motor vehicle sales in November will be released today.  The consensus estimate is that 8.9 million autos were sold last month, which would be an increase of 100,000 from October.

The Mortgage Bankers’ Association purchase index was released at 7:00 AM EST, and there was a week to week increase of 1.1% in the Purchase Index and a week to week decrease of 21.6% in the Refinance Index as interest rates moved up from near record lows.

The Challenger Job-Cut Report was released at 7:30 AM EST, and it showed that there were 48,711 layoffs in November, which is about 11,000 more than the number of layoffs that were reported in October.

At 8:15 AM EST, 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 8:30 AM EST, the Productivity and Costs report for the third quarter of 2010 will be released.  The consensus is that non-farm productivity increased by 2.4% in the last quarter and labor unit costs did not change.

At 10:00 AM EST, the Construction Spending report for October will be released, and the consensus is that there will a decline of 0.4% in spending compared to the previous month.

Also at 10:00 AM EST, the ISM manufacturing index for November will be released.  The consensus estimate is that it increased 0.1 points last month to a value of 57.0, and will continue to signal economic growth as it remains above the mid-point of 50.

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

At 2:00 PM EST, the Beige Book report will be released, giving us more information about economic conditions in each Federal Reserve district in advance of the next Fed meeting.

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