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Saturday, September 27, 2014

Schedule for Week of September 28th

by Calculated Risk on 9/27/2014 01:11:00 PM

This will be a busy week for economic data.  The key report is the September employment report on Friday.

Other key reports include the August Personal Income and Outlays report on Monday, the July Case-Shiller House Price Index on Tuesday, the ISM manufacturing index and September vehicle sales both on Wednesday, and the August Trade Deficit and September ISM non-manufacturing index on Friday.

Also, Reis is scheduled to release their Q3 surveys of rents and vacancy rates for apartments, offices and malls.

----- Monday, September 29th -----

8:30 AM: Personal Income and Outlays for August. The consensus is for a 0.3% increase in personal income, and for a 0.4% increase in personal spending. And for the Core PCE price index to be unchanged.

10:00 AM ET: Pending Home Sales Index for August. The consensus is for a 0.3% decrease in the index.

10:30 AM: Dallas Fed Manufacturing Survey for September.

----- Tuesday, September 30th -----

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

NOTE: S&P is now releasing the National house price index monthly, and I expect reporting to shift from the Composite 20 to the National index. The National index was up 6.2% year-over-year in June.

This graph shows the nominal seasonally adjusted Composite 10 and Composite 20 indexes through the June 2014 report (the Composite 20 was started in January 2000).

The consensus is for a 7.5% year-over-year increase in the Composite 20 index (NSA) for July. The Zillow forecast is for the Composite 20 to increase 7.0% year-over-year, and for prices to increase 0.1% month-to-month seasonally adjusted.

9:45 AM: Chicago Purchasing Managers Index for September. The consensus is for a reading of 61.5, down from 64.3 in August.

----- Wednesday, October 1st -----

7:00 AM: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

Vehicle SalesAll day: Light vehicle sales for September. The consensus is for light vehicle sales to decrease to 16.8 million SAAR in September from 17.4 million in August (Seasonally Adjusted Annual Rate).

This graph shows light vehicle sales since the BEA started keeping data in 1967. The dashed line is the August sales rate.

8:15 AM: The ADP Employment Report for September. This report is for private payrolls only (no government). The consensus is for 200,000 payroll jobs added in September, down from 205,000 in August.

Early: Reis Q3 2014 Office Survey of rents and vacancy rates.

ISM PMI10:00 AM: ISM Manufacturing Index for September. The consensus is for a decrease to 58.0 from 59.0 in August

Here is a long term graph of the ISM manufacturing index.

The ISM manufacturing index indicated expansion in August at 59.0%. The employment index was at 58.1%, and the new orders index was at 66.7%.

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

----- Thursday, October 2nd -----

Early: Reis Q3 2014 Apartment Survey of rents and vacancy rates.

8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for claims to increase to 297 thousand from 293 thousand.

10:00 AM: Manufacturers' Shipments, Inventories and Orders (Factory Orders) for August. The consensus is for a 9.4 decrease in August orders.

----- Friday, October 3rd -----

8:30 AM: Employment Report for September. The consensus is for an increase of 215,000 non-farm payroll jobs added in September, up from the 142,000 non-farm payroll jobs added in August.

The consensus is for the unemployment rate to be unchanged at 6.1% in September.

Year-over-year change employmentThis graph shows the year-over-year change in total non-farm employment since 1968.

In August, the year-over-year change was 2.482 million job, and it generally appears the pace of hiring is increasing.

Right now it looks possible that 2014 will be the best year since 1999 for both total nonfarm and private sector employment growth.

As always, a key will be the change in real wages - and as the unemployment rate falls, wage growth should eventually start to pickup.

Early: Reis Q3 2014 Mall Survey of rents and vacancy rates.

U.S. Trade Exports Imports8:30 AM: Trade Balance report for August from the Census Bureau.

Imports and exports increased in July.

The consensus is for the U.S. trade deficit to be at $40.7 billion in August from $40.5 billion in July.

10:00 AM: ISM non-Manufacturing Index for September. The consensus is for a reading of 58.8, down from 59.6 in August. Note: Above 50 indicates expansion.