Economic Events on May 31, 2012

The monthly Chain Store Sales report will be released today.  This report on sales in chain stores gives a look at the health of stores that make up about 10% of all retail sales.

The Challenger Job-Cut Report will be released at 7:30 AM Eastern time, providing an estimate of the number of layoffs in May.

At 8:15 AM Eastern time, the monthly 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 Eastern time, the U.S. government will release its weekly Jobless Claims report. The consensus is that there were 370,000 new jobless claims last week, which would would be the same as the previous week.

Also at 8:30 AM Eastern time, the preliminary GDP report for the first quarter of 2012 will be announced.  The consensus is an increase of 1.9% in real GDP and an increase of 1.5% in the GDP price index.  The real GDP estimate is 0.3% lower than the advance value for the first quarter of 2012, and the GDP price index is the same.

Also at 8:30 AM Eastern time, the monthly Corporate Profits report from the Bureau of Economic Analysis will be released.

At 9:45 AM Eastern time, the weekly Bloomberg Consumer Comfort Index will be released, providing an update on Americans’ views of the U.S. economy, their personal finances and the buying climate.

Also at 9:45 AM Eastern time, the Chicago PMI Index for May will be announced. The consensus index value is 56.1, which is 0.1 points lower than last month, and is still above the break-even level at 50.

At 10:30 AM Eastern time, the weekly Energy Information Administration Natural Gas Report will be released, giving an update on natural gas inventories in the United States.

At 11:00 AM Eastern time, the weekly Energy Information Administration Petroleum Status Report will be released, giving investors an update on oil inventories in the United States.

At 3:00 PM Eastern time, the Farm Prices report for May will be released, giving investors and economists an indication of the direction of food prices in the coming months.

At 4:30 PM Eastern time, the Federal Reserve will release its Money Supply report, showing the amount of liquidity available in the U.S. economy.

Also at 4:30 PM Eastern time, the Federal Reserve will release its Balance Sheet report, showing the amount of liquidity the Fed has injected into the economy by adding or removing reserves.

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