U.S. consumer sentiment and the trade balance are the main economic data points of what looks to be a light day for economic data. Also on tap are comments from White House economics adviser Larry Summers.
At 8:30 a.m. EDT, the U.S. Treasury will release the January trade balance, which is expected to shrink to a deficit of $38.0 billion from a $39.9 billion deficit previously.
Also at 8:30 a.m. EDT, the U.S. Department of Commerce will release the February import price index, which economists expect will decline by 0.7% month-over-month following a 1.1% contraction in January, bringing the annual rate to a 13.5% decline after January's 12.5% fall.
Simultaneously, Statistics Canada will release the January international merchandise trade balance, which economists expect will show a deficit of C$1.0 billion from C$0.5 billion previously.
At 9:55 a.m. EDT, Reuters and the University of Michigan will release the preliminary consumer sentiment index for March, which is expected to decline to a reading of 55.0 from 56.3 the month prior. Markets will also pay attention to the current conditions index, which came in at 65.5 in February, the economic outlook indicators, which came in at 50.5 previously, as well as one- and five-year inflation expectations, which came in at 1.9% and 3.1% respectively.
At 10:30 a.m. EDT, White House economics adviser Larry Summers will deliver a briefing at the Brookings Institute in Washington DC.
U.S. President Barack Obama is also expected to receive an economic update from his independent economic advisers on Friday. The head of this reporting committee is former fed Chairman Paul Volcker.
All times in EDT.
8:30 CA International Merchandise Trade January Exp: -$1.0B Prior: -$0.5B
8:30 US Trade Balance January Exp: -$38.0B Prior: -$39.9B
8:30 US Import Price Index (M/M) February Exp: -0.7% Prior: -1.1%
8:30 US Import Price Index (Y/Y) February Exp: -13.5% Prior: -12.5%
10:00 US Reuters/University of Michigan Consumer Sentiment March Preliminary Exp: +55.0 Prior: +56.3
10:30 US Lawrence Summers Speaks on U.S. Economy, Financial Crisis
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2009