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- Data picks up Thursday: Aside.....>

US DATA PREVIEW
US DATA PREVIEW: - Data picks up Thursday: Aside from North American-made light
vehicle sales data throughout the session, Dec ADP private payrolls (180k est),
weekly jobless claims (220k est), November construction spending (0.3% est) and
ISM manuf index (58.0 est).
- Nomura economists posit that incoming labor market data suggests "continued
strength in the labor market. We expect ADP to report a healthy reading in
private payroll employment during December, above the pace that is needed to
absorb new entrants."
- Morgan Stanley economists on construction spending are looking for a "rebound
in November with a 1.2% gain following three consecutive declines. The strength
should be driven by the private nonresidential component, where our non-resi
permits index, which is based on primary data on commercial permits, points to a
1.6% gain."

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