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Saturday, January 28, 2012

Schedule for Week of Jan 29th

by Calculated Risk on 1/28/2012 01:07:00 PM

Summary for Week Ending January 27th

This will be a very busy week for economic releases. The key report is the January employment report to be released on Friday, Feb 3rd. Other key reports include the Case-Shiller house price index on Tuesday, the ISM manufacturing index on Wednesday, vehicle sales on Wednesday, and the ISM non-manufacturing (service) index on Friday.

On Thursday, Fed Chairman Ben Bernanke provides testimony to Congress on the economic outlook.

----- Monday, Jan 30th -----

8:30 AM ET: Personal Income and Outlays for December. The consensus is for a 0.4% increase in personal income in December, and a 0.1% increase in personal spending, and for the Core PCE price index to increase 0.1%.

10:30 AM: Dallas Fed Manufacturing Survey for January. The consensus is for expansion of 1.0 from contraction of -1.3 in December. This is the last of the regional Fed manufacturing surveys for January, and the other surveys have shown stronger expansion in January.

2:00 PM: The January 2011 Senior Loan Officer Opinion Survey on Bank Lending Practices from the Federal Reserve.

----- Tuesday, Jan 31st -----

Case-Shiller House Prices Indices9:00 AM: S&P/Case-Shiller House Price Index for November. Although this is the November report, it is really a 3 month average of September, October and November.

This graph shows the nominal seasonally adjusted Composite 10 and Composite 20 indexes (the Composite 20 was started in January 2000).

The consensus is for a 0.4% decrease in prices in November. I expect a larger decline NSA, and a decline of 0.1% to 0.2% seasonally adjusted. The CoreLogic index declined 1.4% decrease in November (NSA).

9:45 AM: Chicago Purchasing Managers Index for January. The consensus is for an increase to 63.0, up from 62.5 in December.

10:00 AM: Conference Board's consumer confidence index for January. The consensus is for an increase to 68.0 from 64.5 last month.

10:00 AM: Q4 Housing Vacancies and Homeownership report from the Census Bureau. As a reminder: Be careful with the Housing Vacancies and Homeownership report. This report is frequently mentioned by analysts and the media to track the homeownership rate, and the homeowner and rental vacancy rates. Unfortunately the report is based on a fairly small sample, and does not track the decennial Census data.

----- Wednesday, Feb 1st -----

7:00 AM: The Mortgage Bankers Association (MBA) will release the mortgage purchase applications index. This index was especially weak last year, although this does not include all the cash buyers.

8:15 AM: The ADP Employment Report for January. This report is for private payrolls only (no government). The consensus is for 172,000 payroll jobs added in January, down from the 325,000 reported last month.

10:00 AM: Construction Spending for December. The consensus is for a 0.5% increase in construction spending.

ISM PMI10:00 AM ET: ISM Manufacturing Index for January.

Here is a long term graph of the ISM manufacturing index. The consensus is for a slight increase to 54.5 from 53.9 in December.

All day: Light vehicle sales for January. Light vehicle sales are expected to increase to 13.6 million from 13.5 million in December (Seasonally Adjusted Annual Rate).

Vehicle SalesThis graph shows light vehicle sales since the BEA started keeping data in 1967. The dashed line is the December sales rate.

Edmunds is forecasting:
[A] projected Seasonally Adjusted Annual Rate (SAAR) of 13.4 million units, forecasts ... This sales pace is relatively flat from the 13.5 million SAAR recorded last month, but up from the 12.6 million SAAR from January 2011.
And TrueCar is forecasting:
The January 2012 forecast translates into a Seasonally Adjusted Annualized Rate (SAAR) of 13.6 million new car sales, up from 12.7 million in January 2011
Expected: National Multi Housing Council (NMHC) Quarterly Apartment Survey. This is a key survey for apartment vacancy rates and rents.

----- Thursday, Feb 2nd -----

8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for a dencrease to 370,000 from 377,000 last week.

10:00 AM: Testimony from Fed Chairman Ben Bernanke, "The Economic Outlook and the Federal Budget Situation", Before the Committee on the Budget, U.S. House of Representatives

----- Friday, Feb 3rd -----

Percent Job Losses During Recessions8:30 AM: Employment Report for December. The consensus is for an increase of 135,000 non-farm payroll jobs in January, down from the 200,000 jobs added in December. Note: it appears the seasonal adjustment for "Transportation and warehousing" over-counted employment in December by about 42,000 and this should be unwound in January. So December payroll growth was probably overstated, and January will be understated.

The consensus is for the unemployment rate to remain unchanged at 8.5%.

Percent Job Losses During RecessionsThis second employment graph shows the percentage of payroll jobs lost during post WWII recessions through December.

The economy has added 2.65 million jobs since employment bottomed in February 2010 (3.16 million private sector jobs added, and 500 thousand public sector jobs lost).

There are still 5.7 million fewer private sector jobs now than when the recession started. (6.1 million fewer total nonfarm jobs).

10:00 AM: ISM non-Manufacturing Index for January. The consensus is for an increase to 53.3 in January from 52.6 in December. Note: Above 50 indicates expansion, below 50 contraction.

10:00 AM: Manufacturers' Shipments, Inventories and Orders (Factory Orders) for December. The consensus is for a 1.5% increase in orders.