Tuesday, September 29, 2015

Wednesday: Unlikely Government Shutdown, ADP Employment, Chicago PMI

by Bill McBride on 9/29/2015 07:54:00 PM

It seems likely a shutdown tomorrow will be avoided, but the votes will be at the last minute. Of course there might be a shutdown later this year.

From the WSJ: GOP leaders are negotiating with Obama on two-year budget deal; a stopgap measure is expected to be passed this week

Republican leaders, seeking to avoid repeated fiscal crises, have opened discussions with President Barack Obama about a two-year budget deal, aiming to avoid a spending fight in the middle of an election year.
...
The House and Senate are expected Wednesday to pass a stopgap spending measure to keep the government running through Dec. 11.
A shutdown in October 2016 would be a disaster for the GOP - one month before the election - so naturally they want a two year deal.

Wednesday:
• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 8:15 AM, The ADP Employment Report for September. This report is for private payrolls only (no government). The consensus is for 190,000 payroll jobs added in September, the same as in August.

• At 9:45 AM, Chicago Purchasing Managers Index for September. The consensus is for a reading of 53.6, down from 54.4 in August.