by Bill McBride on 5/10/2012 09:55:00 PM
Thursday, May 10, 2012
There are two minor economic indicators scheduled for release tomorrow.
• The Producer Price Index for April at 8:30 AM ET. The consensus is for no change in producer prices (0.2% increase in core).
• And at 9:55 AM, the Reuter's/University of Michigan's Consumer sentiment index is scheduled (preliminary for May). The consensus is for sentiment to decline to 76.2 from 76.4 in April.
Here are a couple of other sources for consumer confidence, with opposite readings. First from Gallup: U.S. Economic Confidence Steady at Relatively Improved Level
U.S. economic confidence for the week ending May 6 is at -18, up slightly from the previous week and slightly better than the -20 average for the month of April.And from IBD: U.S. Consumer Confidence Weakens in May
The IBD/TIPP Economic Optimism Index declined by 0.8 points, or 1.6%, in May posting 48.5 vs. 49.3 in April.• Of course the big stories tomorrow will be JPMorgan's $2 billion blunder, and the ongoing tragedy in Greece and Europe. It seems very likely that there will be another election in Greece on June 17th, from the Athens News:
Euro zone countries are prepared to keep financing Greece until the country forms a new government, whether one emerges from Sunday's election or if new elections have to be held next month, euro zone officials said on Thursday. "I expect an announcement of new elections in Greece by Sunday at the latest," one euro zone official said. "My understanding is that a second election in Greece could be by mid-June. We have the means to support Greece through the end of June," a second euro zone official said.
"We will provide enough funds for Greece to stay afloat for as long as the political decision is clarified," the first euro zone official said.
"There is no use letting them default in the middle of things. That is what yesterday was all about - giving them enough money to stay afloat and not induce new chaos if people are not paid, but not giving them more than the bare minimum to discourage parties which say that 'we can do whatever we want and they will still save us because it is in the EU's interest.'"