The ISM Services Index is scheduled for release today at 10:00 AM EST, and is expected to increase to 53.3 in October after increasing to 53.2 in September and decreasing to 51.5 in August. The index’s complement, the ISM Manufacturing Index increased to 56.9 on last Monday’s release after decreasing to 54.4 in September.
Factory Orders for September are scheduled for release today at 10:00 AM EST, and are expected to increase by 1.5% following the August decrease of 0.5% to $408.9 billion.
Crude inventories are expected today at 10:30 AM EST. For the week ending October 22, U.S. commercial crude oil inventories had increased by 5.0 million barrels from the previous week to 366.2 million barrels and were above the upper limit of the average range for that time of year. U.S. crude oil refinery inputs averaged 14.1 million barrels per day during this period, 171 thousand barrels per day above the previous week’s average. U.S. crude oil imports were averaging 9.5 million barrels per day, up by 863 thousand barrels per day from the previous week.
The FOMC Policy Statement will be released today at 2:15 PM EST, which will conclude the 2 day meeting of the Board of Governors. The topic for discussion is the Fed’s Beige Book, which indicated that economic conditions had continued to improve since the last report. Most of the Federal Reserve Districts noted some increased activity or improvement in economic conditions, although the pace of growth was described as modest. The key sector to expand was manufacturing with most districts reporting a rise in production and new orders. However, housing markets remain weak, resulting in low sales reported year over year. In the last policy statement released on September 21, the FOMC had decided to maintain the federal funds target rate within a range of 0 to 0.25%.
Upcoming Releases
ISM Services Index (11/03 at 10.00 AM EST)
Factory Orders (11/03 at 10.00 AM EST)
Crude Inventories (11/03 at 10.30 AM EST)
FOMC Policy Statement (11/03 at 2:15 PM EST)
ISM Services Index (11/03 at 10.00 AM EST)
Factory Orders (11/03 at 10.00 AM EST)
Crude Inventories (11/03 at 10.30 AM EST)
FOMC Policy Statement (11/03 at 2:15 PM EST)
