The U.S. Personal Consumption and Expenditure report, ISM Chicago PMI, jobless claims and Canadian GDP data all figure prominently among the day's most anticipated economic events.
At 8:30 a.m. EDT, Statistics Canada will release February GDP, which is expected to decline 0.1% month-over-month, compared to a 0.7% contraction in January.
Also at 8:30 a.m. EDT, Statistics Canada will release the industrial product and raw material price indexes for March. Economists expect IPPI to rise 0.5% on the month following a 0.4% gain previously. RMPI is expected to rise 2.0% month-over-month, compared to a 1.7% increase in February.
Turning to the United States, at 8:30 a.m. EDT, the U.S. Department of Commerce will release its personal income and spending report for March. Personal income is expected to decline 0.2% month-over-month, matching the previous month's contraction. Personal spending is expected to fall 0.1% on the month, compared to a 0.2% gain in February. Core PCE is expected to rise 0.1% month-over-month, versus a 0.1% rise previously, leaving the annual inflation rate unchanged at 1.8%. The PCE deflator is expected to rise 0.7% on the year versus the 1.0% gain in February.
Simultaneously, the U.S. Department of Labor will release initial and continuing jobless claims for the weeks ending April 25 and 18, respectively. Economists expect initial jobless claims to total 640k, matching the previous week's level, while continuing claims are expected to continue breaking records, reaching 6200k following the previously recorded 6137k.
Also at 8:30 a.m. EDT, the Bureau of Labor Statistics will release its first-quarter employment cost index, which is expected to rise 0.5% on the quarter, matching Q4's rise.
At 9:45 a.m. EDT, the Institute for Supply Management will release its manufacturing PMI for April, which economists expect to rise to a reading of 35 from 31.4.
At 10 a.m. EDT, the Institute for Supply Management will release its Milwaukee manufacturing PMI for April. In March, the index was at +30.0
At 10:30 a.m. EDT, the Energy Information Administration will release U.S. natural gas storage for the week ending April 24, which is expected to increase 81 Bcf versus the previous week's 46 Bcf gain.
At 1 p.m. EDT, the U.S. Treasury will sell $35 billion in a 70-day cash management auction.
A barrage of U.S. earnings will assault the financial markets on Thursday with Expedia, Exxon Mobile, Hartford Financial, Kellogg, NYSE/Euronext, Procter & Gamble, Motorola and Comcast figuring prominently. Expedia is expected to report earnings of $0.15 per share, Exxon Mobil earnings of $0.94 per share, Hartford Financial a $3.06 loss per share, Kellogg a $0.79 gain per share, NYSE/Euronext a $0.39 gain per share, Procter & Gamble an$0.80 gain per share, Motorola an $0.11 loss per share and Comcast a $0.23 gain per share.
All times in EDT.
8:30 CA Industrial Product Price (M/M) March Exp: +0.5% Prior: +0.4%
8:30 CA Gross Domestic Product (M/M) February Exp: -0.1% Prior: -0.7%
8:30 CA Raw Materials Price Index (M/M) March Exp: +2.0% Prior: +1.7%
8:30 US Personal Income March Exp: -0.2% Prior: -0.2%
8:30 US Personal Spending March Exp: -0.1% Prior: +0.2%
8:30 US PCE Deflator (Y/Y) March Exp: +0.7% Prior: +1.0%
8:30 US PCE Core (M/M) March Exp: +0.1% Prior: +0.2%
8:30 US PCE Core (Y/Y) March Exp: +1.8% Prior: +1.8%
8:30 US Employment Cost Index Q1 Exp: +0.5% Prior: +0.5%
8:30 US Initial Jobless Claims W/E April 25 Exp: +640K Prior: +640K
8:30 US Continuing Claims W/E April 18 Exp: +6200k Prior: +6137K
9:45 US Chicago Purchasing Manager April Exp: +35 Prior: +31.4
10:00 US NAPM-Milwaukee April Prior: +30
10:30 US EIA Natural Gas Storage Change W/E April 24 Exp: +82 Prior: +46
11:00 US Treasury to Buy Back Notes/Bonds
13:00 US Treasury to Sell $35B 70-Cash Management Bills
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2009