Week’s Economic Schedule Highlighted by a Late Jobs Report

by Business Insider | October 20, 2013 8:13 pm

Thanks to a last minute deal, the U.S. avoided hitting its debt ceiling, the government shutdown ended, and some of the delayed economic reports[1] have been rescheduled.

The Bureau of Labor Statistics said it would finally publish the September jobs reports on Tuesday. New dates have also been set [2]for the PPI, the CPI, the JOLTS, and the October jobs reports.

“The Census Bureau will publish its calendar of re-scheduled reports early in the week,” said UBS’s Sam Coffin. “Contacts there suggested that the new home sales report would be delayed but that the durables report would not.  Neither was certain, though.”

“Going forward, some surveys may not take place, potentially creating permanent gaps in the data records for this period,” warned Citi’s Peter D’Antonio.

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“We have likely avoided a default, a binary outcome that posed great risk to our thesis (even if the likelihood of a negative outcome was small, in our view),” said JP Morgan’s Tom Lee[3]. Lee believes the path is clear for the S&P 500 to head to 1,775.

“The latest agreement though, only punts an immediate risk to a few short months away and thus should not give rise to much optimism,” warned Citi’s Tobias Levkovich[4] who sees the S&P 500 ending the year at 1,650. “Investors typically do not like uncertainty and it is hard to determine how these recent almost non-decisions can be seen as reinvigorating confidence aside from some relief that an imminent likely disaster has been avoided. Nonetheless, one cannot respectably believe that things truly have turned for the better as opposed to averting the worst.”

Endnotes:
  1. delayed economic reports: http://www.businessinsider.com/shutdown-related-economic-data-coming-2013-10?utm_source=investorplace&utm_medium=referral
  2. New dates have also been set : http://www.businessinsider.com/jobs-report-will-come-tuesday-2013-10?utm_source=investorplace&utm_medium=referral
  3. said JP Morgan’s Tom Lee: http://www.businessinsider.com/tom-lee-bullish-after-end-of-shutdown-2013-10?utm_source=investorplace&utm_medium=referral
  4. warned Citi’s Tobias Levkovich: http://www.businessinsider.com/citi-deal-punts-immediate-risk-2013-10?utm_source=investorplace&utm_medium=referral

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