Photo: Andreas Tille
Earlier we mentioned how Goldman is calling the next 24 hours a critical one for the global economy.The basic gist is: The data clearly weakened during March, and the ISM/PMI data due to come out over the coming hours will either confirm the deceleration or refute it.
But it’s not just the next 24 hours, the whole next week is going to be stacked.
Tomorrow, in addition to ISM manufacturing data, we get construction spending, which is expected to grow by 0.5%.
Then on Tuesday we get auto data for March, which should be a huge harbinger of the jobs report on Friday, given how nicely car sales and job gains correlate. FOMC minutes from the March meeting are also coming. Given the obsession with the QE3 question, these will be parsed over like crazy be Fed Kremlinologists.
On Wednesday the ECB meets again (followed by a Draghi press conference of course), and we’ll also get the ISM Services number, the ADP jobs report (a preview ahead of Friday), and the MBA Mortgage Index, where we’ll see if higher rates are causing further deteriorating in household mortgage refinancing.
Then on Thursday comes the Challenger Layoffs measure, initial jobless claims, before two big reports on Friday: Non-Farm Payrolls (the Super Bowl!) and Consumer Credit in the afternoon.
Because it’s Good Friday, the stock market won’t be open, but there will be Futures and bond trading in the morning that day, so we’ll be able to see how the market reacts to the jobs number.
Anyway, it should be stacked, and it should be fun, and we’ll have full coverage non-stop LIVE here at Business Insider all week.