Data Range Description Rating Notes

15:00 ISM non ISM Non-Manufacturing gauge of business conditions in non-manufacturing 3*

manufacturing industries, based on measures of employment trends, prices and new orders.
Though non-manufacturing sectors make up the majority of the economy, the
ISM Non-Manufacturing has less market impact because non-manufacturing
data tends to be more cyclical and predictable. However, these sectors do
account for a considerable portion of CPI. As a result, the figure gives insight
into conditions which can impact output growth and inflationary pressures.
13:15 ADP The ADP national employment report is computed from a subset of ADP 3*
Employment Change records that in the last six months of 2008, represented approximately 400,000
U.S. business clients and approximately 24 million U.S. employees working in all
private industrial sectors. The data are collected for pay periods that can be
interpolated to include the week of the 12th of each month, and processed
with statistical methodologies similar to those used by the U.S. Bureau of
Labour Statistics to compute employment from its monthly survey of
establishments. ADP also use ADP contracted with Macroeconomic Advisors to
compute a monthly report that would ultimately help to predict monthly
nonfarm payrolls from the Bureau of Labour Statistic's employment situation.
The ADP report only covers private (excluding government) payrolls at this
time. As a simplification of the process used by Macroeconomic Advisors,
estimates are based upon statistical comparison of ADP growth rates to BLS
payroll employment growth rates at the industry level. ADP also adds in the BLS
initial claims data for the week just prior to the employment report as part of
its estimation procedure. (Automatic Data Processing (ADP)/Macroeconomic
Advisers)
13:30 The percentage of people registered as unemployed in the United States. The 5*
Unemployment Rate figure is calculated by dividing the number of unemployed individuals in the
labour force by the total labour force. Where the headline figure Change in
Non-Farm Payrolls generally moves the market upon release, the
Unemployment Rate serves as the most popular snap-shot figure for current
labour conditions in the US. The unemployment figure can give insight into the
 economy's production, consumption, earnings, and consumer sentiment. A
lower unemployment rate equates to increased expenditure, as more people
have jobs and wages to spend. Increased expenditure encourages economic
growth, which can spark inflation pressures. Conversely, high levels of
unemployment signal economic instability and weakened demand.
13:30 Monthly change in employment excluding the farming sector. Non-farm 5*
Non Farm Payroll payrolls is the most closely watched indicator in the Employment Situation,
considered the most comprehensive measure of job creation in the US. Such a
distinction makes the NFP figure highly significant, given the importance of
labor to the US economy. Specifically, political pressures come into play, as the
Fed is responsible for keeping employment in a healthy range and utilizes
interest rate changes to do so. A surge in new Non-farm Payrolls suggests rising
employment and potential inflation pressures, which the Fed often counters
with rate increases. On the other hand, a consistent decline in Non-farm
Employment suggests a slowing economy, which makes a decline in rates more
likely.
13:30 The US Trade Balance refers to the difference between exports of goods and 5*
Trade Balance services out of the US, and imports to America. The trade balance is one of the
biggest components of the US's Balance of Payment, which gives valuable
insight and heavy pressure on the value of the dollar. A positive Trade Balance
(surplus) indicates that exports are greater than imports. When imports exceed
exports, the US experiences a trade deficit. Because foreign goods are usually
purchased using foreign currency, trade deficits usually reflect dollars leaking
out of the country. Such currency outflows may lead to a natural depreciation
of a dollar, unless countered by comparable capital inflows (US Net Foreign
Security Purchases, or TICs data reports on such capital flows). At a bare
minimum, deficits fundamentally weigh down the value of the currency.
13:30 Retail Sales Monthly measure of sales of goods to consumers at retail outlets. The figure is 5*
a significant market mover, valuable both for its timeliness and insight into
consumer demand and consumer confidence. Consumer spending is vital to the
US economy, accounting for more than two-thirds of all economic activity.
Given that retail sales make up a hefty one third of such spending, the
Advanced Retail Sales figure acts as a measure of consumer demand before
GDP is released.
13:30 Retail Sales The Retail Sales figure is also reported excluding automobile sales. Given their 5*
Less Autos high cost, auto sales contribute significantly to retails sales, comprising nearly a
quarter of the figure. As a result, changes in automobile sales can produce high
fluctuations in the retails sales report. Vehicle sales are prone to seasonal
 changes, thereby easily distorting retail sales trends. To provide a more
accurate picture of retail sales the auto component is removed and followed
more closely.
14:55 Assesses consumer confidence regarding personal finances, business conditions 4*
University of and purchasing power based on hundreds of telephone surveys. Especially
Michigan valued for its quick turnaround, the University of Michigan Confidence survey is
considered one of the foremost indicators of US consumer sentiment. The
survey polls a smaller sample of consumers and is less established than the
Conference Board Consumer Confidence Index. Declining consumer confidence
levels usually accompany any fall income or wages and precede drops in
consumer spending. A low or falling U Mich Sentiment value is considered an
early indicator of an economic downturn. As a result, investors, retailers and
traders alike all watch the figure for insight into the general health of the
economy. UMich figures have recently preceded turning in overall GDP. The
headline figure is calculated by subtracting the percentage of unfavourable
replies from the percentage of favourable replies.

15:00 Unsold goods held by manufacturers, wholesalers and retailers. Business 2*

Business Inventories Inventories are often able to show economic turning points. A significant
decrease in inventories implies that the economy is on the verge of rapid
growth because stockrooms for businesses are empty and need to be
replenished, which triggers higher production overall. Inventories are also
useful when examined in conjunction with total business sales. Rising
inventories paired with slackening business sales are indicative of troubled
economic times. When business sales slow, retailers' inventories increase and
they are forced cut back on wholesale orders. Wholesalers, affected by the fear
of swelling inventories, will slow or even shut down production in factories.
12:30 Gauges the change in the number of new houses built in the United States. 5*
Housing Starts Housing Starts are one of the earliest indicators of the housing market, only
trailing Building Permits in timeliness. Because high outlays are needed to start
construction projects, an increase in Housing Starts implies an increase in
investment and business optimism. Finally, the Housing Starts figure gives
insight into consumer activity, since new home purchases typically require a
large investment for consumers. Given such connections to consumer and
corporate sentiment, real estate generally leads economic developments. A
sharp drop in new home construction is a warning signal of economic
slowdown. Conversely, a rebound in the Housing Starts paves the way for
economic recovery. Housing Starts data is differentiated by building types
 (single family houses, 2 to 4 residence units and 5 or more residence units). The
single family housing starts is a more reliable economic indicator than
multifamily housing starts, as single family house building is driven by demand
and consumer confidence, whereas multifamily house building is more often
motivated by speculative real estate investors. The report headline is expressed
in volume of houses built. The figures are in the thousands of units.

12:30 PPI (month on Measures changes in the selling prices producers charge for goods and services, 3*
month) and well as tracks how prices feed through the production process. Because
producers tend to pass on higher costs to consumers as higher retail prices, the
PPI is valuable as an early indicator of inflation. Simply put, inflation reflects a
decline in the purchasing power of the Dollar, where each dollar buys fewer
goods and services. The report also gives insight into how higher prices from
raw materials flow toward the final product. A rise in PPI signals an increase in
inflationary pressures. Given the economic instability associated with rising
price levels, the Fed often will raise interest rates to check inflation. A low or
falling PPI is indicative of declining prices, and may suggest an economic
slowdown.
PPI Core (MOM) Core PPI, Excluding Food and Energy 3*
The PPI is also reported without the volatile food and energy components. In
addition to being seasonally volatile, the two comprise a significant portion of
US goods. As a result, any sudden disruption in oil or food supplies will
significantly distort the Producer Price Index inflation assessment. By excluding
such entities, Core PPI is able to provide a truer, more consistent picture of US
inflation trends.
12:30 CPI The CPI is also reported excluding food and energy; two of its most volatile 5*
(EX food and energy) components. These components are particularly sensitive to temporary
economic factors like oil prices, natural disasters and seasonal affects.
Consequently, CPI excluding Food and Energy provides a more stable figure, but
at the cost of overlooking two significant sectors in the economy (together food
and energy comprise nearly a quarter of the goods included in the CPI).
14:00 Survey conducted by the Philadelphia Fed questioning manufacturers in the 5*
Philadelphia FED Third Federal Reserve District on general business conditions. Conducted since
1968, the "Philly Fed" survey is an established report, valued for its timeliness,
scope of coverage and tendency to forecast developments in the market
moving ISM Manufacturing figure Higher Philadelphia Fed Survey figures
indicate a positive outlook from manufacturers, suggesting increased
production. Higher production contributes to economic growth, which is
 generally bullish for the dollar.
14:00 Records sales of previously owned homes in the United States . This report 4*
Existing Home sales provides a fairly accurate assessment of housing market conditions, and
because of the sensitivity of the housing market to business cycle twists, it can
be an important indicator of overall conditions at times when housing is
particularly important to the economy. While used home sales are not counted
in GDP, they do affect the United States economy. Sellers of used homes often
use capital gains from property sales on consumption that stimulate the
economy. Higher levels of consumer spending may also increase inflationary
pressures, even as they help grow the economy. The existing home sales report
is not as timely as other housing indicators like New Home Sales or Building
Permits. By the time the Existing Home Sales are recorded, market conditions
may have changed.

12:30 The value of orders placed for relatively long lasting goods. Durable Goods are 5*
Durable Goods expected to last more than three years. Such products often require large
investments and usually reflect optimism on the part of the buyer that their
expenditure will be worthwhile Because orders for goods have large sway over
the actual production, this figure serves as an excellent forecast of U.S. output
to come. Durable Goods are typically sensitive to economic changes. When
consumers become sceptical about economic conditions, sales of durable goods
are one of the first to be impacted since consumers can delay purchases of
durable items, like cars and televisions, only spending money on necessities in
times of economic hardship. Conversely, when consumer confidence is
restored, orders for durable goods rebound quickly. The data is highly volatile
as well, some volatility is eliminated with the Durable Goods Orders excluding
Transportation figure, making it the more closely watched indicator.

15:00 ISM Manufacturing assesses the state of US industry by surveying executives on 4*

ISM Manufacturing expectations for future production, new orders, inventories, employment and
deliveries. Though manufacturing accounts for a relatively small portion of GDP,
fluctuations in manufacturing tend to bear the most responsibility for changes
in GDP. Consequently, developments in manufacturing often front run trends in
the overall economy, making the ISM Manufacturing figure a leading indicator
of economic turnarounds. A pickup in demand for manufactured products after
a period of recession, reflected by a higher ISM figure, strongly suggests a
reversal upward. Conversely a slowdown in manufacturing orders and
production during a boom suggests a slowing of the economy.
13:30 GDP (quarter The GDP for the United States is a gauge of the overall output (goods & 5*
on quarter) services) of the U.S. economy on the continental US GDP is the most
comprehensive overall measure of economic output and provides key insight as
to the driving forces of the economy. If the figure increases, then the economy
is improving, and thus the dollar tends to strengthen. If the number falls short
of expectations or meets the consensus, dollar bearishness may be triggered.
This sort of reaction is again tied to interest rates, as traders expect an
accelerating economy, consumers will be affected by inflation and
consequently interest rates will rise. However, much like the CPI, a negative
change in GDP is more difficult to trade; just because the pace of growth has
slowed does not mean it has deteriorated. On the other hand, a better than
expected number will usually result in the dollar rising as it implicates that a
quickly expanding economy will sooner or later require higher interest rates to
keep inflation in check.
14:45 Monthly measure of the business conditions based on surveys of purchasing 5*
Chicago PMI managers across Illinois, Indiana and Michigan. Released on the last business
day of the reporting month, the report's significance has recently declined, with
its only significance being that it precedes the more anticipated ISM report.
Subsequently, it is used to predict the ISM report as the Chicago survey retains
a high correlation with the broader economic release.