Today's Economic Data Docket - ISM

Today's Economic Data Docket - ISM
Submitted by Tyler Durden on 08/01/2011 07:27 -0400

Today's ISM will almost certainly be a major disappointment based on regression analyses, although it will be largely ignored in the major headline onslaught, as the soap opera continues even though at this point the most it can do is lead to a massive market drop since the market has already priced in a successful, if short term, "debt man walking" (thank you Bill Gross) solution.

10:00: ISM manufacturing index (July): Possibly weaker. Goldman forecasts a small decline in the national ISM index for July, despite slightly better results for most of the regional manufacturing surveys. The June ISM was elevated relative to other measures of US manufacturing activity. Among the components, GS would like to see stable or slightly better readings for new orders and production, and an improvement in the new orders/inventories gap. Weakness in the employment component of the Chicago purchasing managers’ index suggests downside risk to the ISM’s employment series.
GS: 54.0; Consensus: 54.5; Last: 55.3.MAP: 5

10:00: Construction outlays (June): Small gain. We forecast a small increase in nominal construction expenditures on a gain in nonresidential building. Residential construction likely declined in a lagged response to past weakness in housing starts.
GS: +0.1%; Consensus: +0.1%; Last -0.6%. MAP: 1