Thursday, June 30, 2016

Friday: Auto Sales, ISM Mfg, Construction Spending

by Bill McBride on 6/30/2016 10:12:00 PM

From Paul Krugman: The Macroeconomics of Brexit: Motivated Reasoning?. From the intro:

I believe that Brexit is a tragic development, which will do substantial long-run economic harm. But what we’re hearing overwhelmingly from economists is the claim that it will also have severe short-run adverse impacts. And that claim seems dubious.
• At 10:00 AM ET, ISM Manufacturing Index for June. The consensus is for the ISM to be at 51.5, up from 51.3 in May. The ISM manufacturing index indicated expansion at 51.3% in May. The employment index was at 49.2%, and the new orders index was at 55.7%.

• Also at 10:00 AM, Construction Spending for May. The consensus is for a 0.6% increase in construction spending.

• All day, Light vehicle sales for June. The consensus is for light vehicle sales to decrease to 17.3 million SAAR in June from 17.4 million in May (Seasonally Adjusted Annual Rate).