Canada Housing Starts Data Due at 8:15AM

IBD/TIPP Economic Optimism and JOLTs Job Openings both Higher

IBD/TIPP Economic Optimism:     Survey: 48.6      Actual:  49.4     Prior: 47.5

JOLTs Job Openings:  Survey: 3250  Actual: 3376   Prior: 3161     Revised: 3118

Canada Building Permits Due at 8:30AM

ISM Non-Manufacturing Improves, Factory Orders Lower

ISM Non-Manufacturing Composite

• Survey: 53.2, Actual: 56.8, Prior: 52.6

Factory Orders

• Survey: 1.5%, Actual: 1.1%, Prior: 1.0%, Revised: 2.2%

US Nonfarm Payrolls Surge, Unemployment Rate Down to 8.3%

Change in Nonfarm Payrolls:   Survey:  140K     Actual:  243K    Prior:  200K      Revision: 203K

Change in Private Payrolls:  Survey: 160K    Actual: 257K     Prior:  212K     Revised: 220K

Change in Manufacturing Payrolls:  Survey: 13K   Actual:  50K   Prior:  23K     Revised:  32K

Unemployment Rate:  Survey:  8.5%     Actual: 8.3%     Prior:  8.5%      

Avg Hourly Earning (MoM) All Emp:    Survey:  0.2%     Actual: 0.2%      Prior:  0.2%         

Avg Weekly Hours All Employees:    Survey:  34.4      Actual: 34.5         Prior:  34.4

US Jobless rate drops to February of 2009

anBernanke Sees Signs Economy is Improving and Fiscal Policy Risks

• Large and increasing level of government debt runs risk of serious economic consequences
• Long way before labor market can be said to be operating normally
• Fed will continue to monitor situation in Europe closely, and take every available step to protect US financial system and economy
• There are concerns that have been weighing on US business investment
• Inflation has declined and Fed expects it to remain subdued
• Signs economy has declined and Fed expects it to remain subdued

EU’s Rehn on the Wires

Says:

• Euro governance to be determined this year
• Closer economic union to complement monetary union
• Recession to be ‘much nastier’ if crisis not resolved
• EU going through a ‘mild recession’
• EU undertaking reformation of Europe’
• Portugal making ‘good progress’ on fiscal reforms
• Greek PSI agreement by the end of the week
• Greece must make ‘decisive progress’ on reforms

US ADP Employment Falls to 170K

ADP Employment in the US has fell down to 170K from a prior number of 325K and a survey of 182K. Revision was also weaker coming in at 292K

Jan 2012 vs. Dec 2011
ADP Employment:  109,788 vs 109,618
Level Change: 170 vs 297
Prev Change: n/a vs 325

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