"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Monday, November 29, 2010

No Metrics. Just Despair.

You know the drill by now. Doom and gloom. PIIGS rooting up the European economy. North Korea Crazy is crazy [1]. WikiLeaks...

Wait, what?

Yeah. Apparently WikiLeaks is getting a share of the blame for today's poor market performance. Why? Well, the cables they've released make us (and by us I mean the United States) look like a massive collection of tools. Although I suspect that this is not really a surprise to many other nations.

Looking to the rest of the week, we've got the S&P Case-Shiller HPI (tracking home price changes) and Consumer Confidence (expected to rise from 50.2 to 52.0) tomorrow. We then start off December with a bang on Wednesday by reviewing the ADP Employment Report, Productivity and Costs (productivity expected to be up 50 bps with unit labor costs rising only 10 bps), the ISM Manufacturing Index (expected to rise from 56.9 to 57.0), and Construction Spending (where the analysts are expecting a 90 bps drop). Thursday gets the weekly first time jobless claims report (looking for an 18k increase in claims) and the Pending Home Sales Index. Friday wraps up with the Employment Situation (where analysts are looking for a 17k increase in nonfarm payrolls and a 10 bps increase in the unemployment rate).

So, Metrics. Hooray, metrics!

[1] The cover of their new album:

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