Wednesday, September 30, 2015

Thursday: Vehicle Sales, ISM Mfg, Construction Spending, Unemployment Claims

by Bill McBride on 9/30/2015 10:10:00 PM

From the WSJ: Congress Passes Bill to Fund Government Through Dec. 11

Congress now confronts a new Dec. 11 deadline to try to strike a long-term budget deal at a time when House Republicans are losing their most experienced leader and remain split about how to negotiate with Mr. Obama and Democrats.

Moreover, the stopgap measure will end around the time when Congress also has to consider raising the debt ceiling, and one week before a key Federal Reserve meeting, at which many economists expect the central bank to raise interest rates for the first time in nearly a decade. Lawmakers also will contend with a long-term highway bill and expiring tax breaks at year’s end.
Thursday:
• At 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for 272 thousand initial claims, up from 267 thousand the previous week.

• At 10:00 AM, the ISM Manufacturing Index for September. The consensus is for the ISM to be at 50.5, down from 51.1 in August. The ISM manufacturing index indicated expansion at 51.1% in August. The employment index was at 51.2%, and the new orders index was at 51.6%.

• Also at 10:00 AM, Construction Spending for August. The consensus is for a 0.7% increase in construction spending.

• All day: Light vehicle sales for September. The consensus is for light vehicle sales to decrease to 17.5 million SAAR in September from 17.7 million in August (Seasonally Adjusted Annual Rate).