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Economic Reports for 11/01/2010

November 1, 2010

The month starts off with three reports that will grab traders’ attention.

The key release of the morning is likely to be the ISM Manufacturing Index. Traders will be looking for signs of continued expansion in this sector.

XLBAt 8:30 a.m. ET, Personal Income and Outlays will be reported. Income is expected to rise by 0.2 percent and spending by a larger 0.4 percent.

The most bullish scenario would be to see both income and spending grow, with income slightly exceeding spending. This suggests a healthy consumer with greater spending power down the road. The most bearish scenario would be for a decline in both income and spending.

The ISM Manufacturing Index will be reported at 10 a.m. ET. The consensus estimate calls for a reading of 54, down slightly from last month’s 54.4. A reading above the prior month would be bullish, while a drop below 54 would be bearish.

Construction Spending will also be reported at 10 a.m. ET. Most economists expect a reading of -0.7 percent, down from from the previous month’s gain of 0.4 percent.

A positive reading, or even a flat one, would be a bullish outcome given consensus. A negative reading well below -0.7 percent would be bearish.

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