Tuesday, January 05, 2016

Wednesday: Trade Deficit, ADP Employment, FOMC Minutes, ISM Non-Mfg Index

by Bill McBride on 1/05/2016 08:32:00 PM

It never rains in California, oh wait ... from the LA Times: El Niño storms slam Southern California

The first major El Niño storm of the season brought heavy rainfall that closed roads, caused flooding and gave Southern California a good drenching.

And that's not all -- the storms are expected to continue throughout the week, forecasters say.
The wet walloping delivered to Southern California on Tuesday, courtesy of El Niño, made for the wettest day Los Angeles has seen in almost four months.

There was more rain in Los Angeles on Tuesday than every day in 2015 except for one, Sept. 15, when the remnants of Hurricane Linda washed ashore, said Bill Patzert, a climatologist with the NASA Jet Propulsion Laboratory in La Cañada Flintridge.
“This is not a bashful El Niño. This is a brash El Niño,” Patzert said. “Definitely, it’s impressive.”
This is just the beginning - it looks like this will be a wet year for the West.

• 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 December. This report is for private payrolls only (no government). The consensus is for 190,000 payroll jobs added in December, down from 217,000 in November.

• At 8:30 AM, Trade Balance report for November from the Census Bureau. The consensus is for the U.S. trade deficit to be at $44.4 billion in November from $43.9 billion in October.

• At 10:00 AM, the ISM non-Manufacturing Index for December. The consensus is for index to increase to 56.5 from 55.9 in November.

• Also at 10:00 AM, Manufacturers' Shipments, Inventories and Orders (Factory Orders) for November. The consensus is a 0.2% decrease in orders.

• At 2:00 PM, the Fed will release the FOMC Minutes for the Meeting of December 15-16, 2015