From the Chicago ISM: (Ouch!)
The Chicago Purchasing Managers reported April's Chicago Business Barometer fell 3.4 to 49.0, a 3-1/2 year low. Except for a minor gain in New Orders, all Business Activity measures weakened in April with five of seven now in contraction. BUSINESS ACTIVITY: SUPPLIER DELIVERIES, PRICES PAID, and PRODUCTION: all lowest since 2009; ORDER BACKLOGS: ten months of contraction in the past 12 months; EMPLOYMENT: third month over month decline.And from the Conference Board: The Conference Board Consumer Confidence Index® Improves in April
The Conference Board Consumer Confidence Index®, which had declined in March, increased in April. The Index now stands at 68.1 (1985=100), up from 61.9 in March. The Present Situation Index increased to 60.4 from 59.2. The Expectations Index improved to 73.3 from 63.7 last month.Wednesday economic releases:
• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
• At 8:15 AM, the ADP Employment Report for April will be released. This report is for private payrolls only (no government). The consensus is for 155,000 payroll jobs added in April.
• At 9:00 AM, the Markit US PMI Manufacturing Index for April. The consensus is for a decrease to 52.0 from 54.6 in March.
• At 10:00 AM, the ISM Manufacturing Index for April. The consensus is for a decrease to 51.0 from 51.3 in March. Based on the regional surveys, a reading below 50 is possible.
• Also at 10:00 AM, Construction Spending for March. The consensus is for a 0.6% increase in construction spending.
• At 2:00 PM, FOMC Meeting Announcement will be released. No change to interest rates or QE purchases is expected at this meeting.
• All day: Light vehicle sales for April. The consensus is for light vehicle sales to be at 15.3 million SAAR in March (Seasonally Adjusted Annual Rate) unchanged from 15.3 SAAR in March.
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