The week opens up with two days of news from the industrial economy and then heads into three days of employment data leading up to Friday morning's Labor Department Employment Situation Report. Friday will be a big day overall with news from housing and credit markets as well as the jobs report.
Markets this week are going to be driven again by political news more than economic statistics. Asian markets have opened as I write this and the dollar is up, oil and commodities have dropped and US stock market futures are up (though by less than Friday's rise) on the announcement that, yet again, a deal has been struck on infusing government cash into the US financial system. Though we can expect markets to rise early in the week if the «deal» turns to actual legislation there's still plenty of room for volatility. Major factors will be how quickly the legislation reaches the President, what exactly it contains when the public finally sees the full text and, towards the end of the week, the markets reaction when traders start to realize that there will be consequences to the largest federal intrusion on financial markets since Alexander Hamilton.
The first week of the month is always a busy one for economic indicator releases and this week it will all be pushed into four days. After relatively strong housing reports and an impressive showing in the 2nd quarter GDP report last week, Fed watchers will be on alert for any signs that could point to rate increases – especially in Wednesday's release of the Federal Reserve Beige Book.
This week will be a busy one for traders watching the first of month economic indicators crammed into 3 days.
This week's economic news will be all about manufacturing and labor markets with a dash of consumer news thrown in to round things out. The week opens Monday with the Institute for Supply Management's Manufacturing Report on Business and the Conference Board's Help Wanted Online Data Series.
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