A prelude to the U.S. employment situation is likely to dominate the economic data in the United States, with the releases of the ADP and ISM's non-manufacturing reports. Meanwhile, media reports suggest the U.S. government is planning on officially unveiling its housing plan today.
The Financial Times says the U.S. government will officially announce its $275 billion housing plan at some point on Wednesday.
At 7:30 a.m. EST, Challenger, Gray & Christmas will release its February job cuts report. In January, the firm reported a 222.4% annual increase in U.S. job cuts.
At 8:15 a.m. EST, Automatic Data Processing Inc. will release its February employment report for the United States, which economists expect will show a 630k fall in U.S. jobs following a 522k contraction the month prior.
At 9 a.m. EST, Dallas Fed President Richard Fisher (non-voter) will speak on the U.S. economy during the 9th Annual Global Supply Chain Conference at Christina University in Texas. An audience Q&A will follow.
At 10 a.m. EST, the Institute for Supply Management will release its non-manufacturing report for February. Economists expect the headline index to decline to 41.0 from 42.9. Markets will also pay attention to the employment, new orders and prices paid components, which came in at 34.4, 41.6 and 42.5 respectively in January.
Also at 10 a.m. EST, U.S. Treasury Secretary Timothy Geithner will testify before the Senate Budget Committee on the federal budget.
At 10:30 a.m. EST, the U.S. Energy Information Administration will release oil inventories for the week ending Feb. 27. Economists are expecting a 1000k build in crude oil reserves following the previous 717k gain. Gasoline inventories are expected to come in lower by 800k following the previous 3322k contraction. Distillate inventories are expected to fall 1000k after increasing 882k in the previous week. Refinery utilization is expected to increase 0.04% after contracting 0.89% in the previous week.
At noon EST, Atlanta Fed President Dennis Lockhart (voter) will speak on the U.S. economy at the Greater Miami Chamber of Commerce. An audience Q&A will follow.
At 2 p.m. EST, the Federal Reserve will release its Beige Book Economic Report.
Events
7:30 US Challenger Job Cuts (Y/Y) February Prior: +222.4%
8:15 US ADP Employment Change February Exp: -630K Prior: -522K
9:00 US Fed's Fisher Speaks at Texas Christian University
10:00 US ISM Non-Manufacturing Composite February Exp: +41 Prior: +42.9
10:30 US DOE U.S. Crude Oil Inventories W/E Feb. 27 Exp: +1000k Prior: +717K
10:30 US DOE U.S. Gasoline Inventories W/E Feb. 27 Exp: -800k Prior: -3322K
10:30 US DOE U.S. Distillate Inventory W/E Feb. 27 Exp: -1000k Prior: +882K
10:30 US DOE U.S. Refinery Utilization W/E Feb. 27 Exp: 0.04% Prior: -0.89%
12:00 US Fed's Lockhart Speaks on U.S. Economic Outlook in Miami
14:00 US Fed Releases Beige Book Economic Report
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2009