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The one big economic report still coming today is the US ISM Manufacturing Index.After several weak regional Fed manufacturing reports, many have guessed that the number would come in sub-50, showing contraction.
Currently the official survey estimate is for a reading of 52, down from 52.5 last month, but still showing growth.
From Deutsche Bank:
In light of the Chicago news, we are raising our ISM forecast significantly from where we were previously. As we wrote in the US Daily Economic Notes earlier this week, the Chicago PMI has nearly twice the weight in a regression-based estimate of the ISM relative to the combined weight of the NY and Philadelphia Fed surveys. Our new ISM forecast is 53.0 versus a pre-Chicago forecast of 49.5. Remember that based on what we had seen in the NY and Philadelphia Fed surveys, we had assumed Chicago would come in at 53.0. More importantly, regardless of this morning’s ISM results, recent economic data from Japan point to a sharp increase in the ISM next month.
Meanwhile, there are a couple of other datapoints coming out today.
University of Michigan confidence is out at 9:55, and that’s expected at 72.0 And construction spending for May is expected to grow 0.1%.
As for other PMI numbers today, see here.