US Credit Mkt Week Ahead: November Employ Data, Fed Speak

Repeats Story Initially Transmitted at 23:40 GMT Dec 2/18:40 EST Dec 2

     CHICAGO (MNI) - Salient data releases in the week ahead include Nov ISM-NY

current conditions, consumer sentiment and the employment report for November. 

     Credit Suisse economists said they expect "job gains to revert down towards

their recent run rate in November, just above 200K" while the "unemployment rate

to remain unchanged at 3.7%. We forecast a monthly increase of 0.3% in average

hourly earnings, which would just be enough for the YoY growth rate to round up

to 3.2%."

     Several Fed speakers on tap before their self imposed blackout period that

starts at midnight Friday, December 7 and runs through December 20. 

     Note, Federal Reserve Bank Chairman Jerome Powell is scheduled to testify

on "The Economic Outlook" before Congress's Joint Economic Committee Wednesday

(text 0815ET, actual testimony at 1015ET).

     The testimony may be canceled, however, due to national day of mourning to

honor former President George H.W. Bush who passed away Friday, November 30. 

     NYSE announced they will be closed along with US government offices, the

Securities Industry and Financial Markets Association (SIFMA) has recommended

fixed income market closure as well, but the Chicago Mercantile Exchange has not

issued an announcement on it's decision as of Sunday afternoon.

     Treasury bill auctions kick off Monday with $39B 13W and $36B 26W bill,

$26B 52W  auction Tuesday.

Calendar of next week's market events (prior, estimate):

- Dec 03 US Fed VC Quarles, bank reg's/US economy, NY, 0800ET

- Dec 03 NY Fed Pres Williams, Evolving Structure/Tsy Mkt Conf, NY 0915ET

- Dec 03 Nov NA-made light vehicle sales SAAR (10.1m, --)

- Dec 03 Nov Markit Mfg Index (final) (55.4, --) 0945ET

- Dec 03 Nov ISM Manufacturing Index (57.7, --) 1000ET

- Dec 03 Oct construction spending (0.0%, --) 1000ET

- Dec 03 US Fed Gov Brainard, Evolving Structure/Tsy Mkt Conf, NY 0915ET

- Dec 03 US Tsy $39B 13W bill auction (912796QZ5) 1130ET

- Dec 03 US Tsy $36B 26W bill auction (912796RS0) 1130ET

- Dec 03 Dal Fed Pres Kaplan, community forum Tx A&M IntU, Tx, Q&A. 1300ET

     - Dec 04 01-Dec Redbook retail sales m/m (0.8%, --) 0855ET

- Dec 04 Nov ISM-NY current conditions (69.8, --) 0945ET

- Dec 04 Dec IBD/TIPP Optimism Index (56.4, --) 1000ET

- Dec 04 US Tsy $26B 52W bill auction (912796RN1) 1130ET

- Dec 05 TENTATIVE FOR WED, MKTS MAY BE CLOSED FOR PRES BUSH MOURNING

- Dec 05 30-Nov MBA Mortgage Apps' (5.5%, --) 0700ET

- Dec 05 US Fed Chair Powell, Eco Outlook/Congress text at 0815ET

- Dec 05 Nov ADP private payrolls (227k, --) 0815ET

- Dec 05 Q3 non-farm productivity (f) (2.2%, --) 0830ET

- Dec 05 Q3 unit labor costs (f) (1.2%, --) 0830ET

- Dec 05 Nov Markit Services Index (final) (54.4, --) 0945ET

- Dec 05 Nov ISM Non-manufacturing Index (60.3, --) 1000ET

- Dec 05 Q3 Service Revenue 1000ET

- Dec 05 Dec help-wanted online ratio 1000ET

- Dec 05 Fed Chair Powell, Eco Outlook testimony Congress, 1015ET

- Dec 05 30-Nov crude oil stocks ex. SPR w/w (0.358m bbl, --) 1030ET

- Dec 05 Fed Beige Book for upcoming FOMC meet, 1400ET

- Dec 05 US Fed VC Quarles, West's banking conditions, Stanford, 2015ET

- Dec 06 Nov challenger layoff plans (153.6%, --) 0730ET

- Dec 06 01-Dec jobless claims (234k, --) 0830ET

- Dec 06 Oct trade balance 0830ET

- Dec 06 02-Dec Bloomberg comfort index 0945ET

- Dec 06 Oct factory new orders (0.7%, --) 1000ET

- Dec 06 Oct factory orders ex transport (0.4%, --) 1000ET

- Dec 06 30-Nov natural gas stocks w/w 1030ET

- Dec 06 Atl Fed Pres Bostic, US/Georgia eco outlook, Atl, 1215ET

- Dec 06 Nov Treasury STRIPS Holdings 1500ET

- Dec 06 05-Dec Fed weekly securities holdings 1630ET

- Dec 06 NY Fed Pres Williams w/Mervyn King, LSE Found'n, NY. 1830ET

- Dec 06 US Fed Chair Powell, Rural Housing Conf, DC. 845ET

- Dec 07 Nov nonfarm payrolls (250k, --) 0830ET

- Dec 07 Nov private payrolls (246k, --) 0830ET

- Dec 07 Nov unemployment rate (3.7%, --) 0830ET

- Dec 07 Nov average hourly earnings (0.2%, --) 0830ET

- Dec 07 Nov average workweek, all workers (34.5hrs, --) 0830ET

- Dec 07 Dec Michigan sentiment index (p) (97.5, --) 1000ET

- Dec 07 Oct wholesale inventories (0.4%, --) 1000ET

- Dec 07 Oct wholesale sales (0.2%, --) 1000ET

- Dec 07 Q4 St. Louis Fed Real GDP Nowcast 1100ET

- Dec 07 Q4 NY Fed GDP Nowcast 1115ET

- Dec 07 Fed Brd Govs' mem Brainard, fncl stability issues, Peterson Inst Int

Economics, D.C., audience Q&A.

- Dec 07 Oct consumer credit 1500ET

--MNI Chicago Bureau; tel: +1 312-431-0089; email: bill.sokolis@marketnews.com

--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com

[TOPICS: MTABLE]