Key economic events for the week of Nov. 5
Last week ended with the release of the final jobs report prior to the election. It showed the economy adding 171,000 jobs in October, significantly higher than the 125,000 jobs that analysts had expected. It also showed the unemployment rate ticking up to 7.9 percent, a result of more Americans joining the labor force and seeking work.
That data point quickly became part of the political conversation. Democrats pointed to the better-than-expected job gains as signs of economic improvement. Republicans, meanwhile, seized on the increased unemployment rate as evidence of a still anemic economy.
The Institute for Supply Management releases its monthly look at economic activity, which includes data on the construction, transportation and wholesale trade sectors. Analysts expect to see that index increase to 54.5, indicating growth in the manufacturing economy.
Investors will likely be watching election results closely for signs of where national economic policy might be headed in the coming year as the “fiscal cliff” looms.
The Federal Reserve releases new data on outstanding consumer credit. This figure should give investors more insight on consumers’ willingness to spend on credit, a potential sign of confidence in the market.
Analysts expect to see consumer credit come in at just over $10.175 billion for September. That would be a sharp drop from the $18.123 billion reported for August.
Weekly initial jobless claims should give a further sense of the job market, following Friday’s strong employment report.
Analysts expect to see 370,000 initial jobless claims filed over the past week. That would represent a slight increase over the 363,00 inital jobless claims filed for the week prior.
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