Tomorrow’s Tape: Service With a Smile
July 3rd, 2011
Economics:
- 7:00 a.m. all times ET: The MBA releases its latest weekly data on mortgage applications. Whatever this says will reflect a long-ago world when mortgage rates were lower than they’re going to be soon, after the recent mini-bondpocalypse. Not that low rates have helped your local mortgage broker all that much anyway.
- 7:30 a.m.: Challenger, Gray & Christmas layoff announcements data. I’m filling space here. These don’t move the market much. Layoffs are way down from a few years ago. Not hard to do when you’ve got nobody left to lay off.
- 10:00 a.m.: The ISM non-manufacturing index is due, the only scheduled event that might rouse a few humans to some sort of trading activity. Economists expect this to dip to 54 from 54.6 in May. The service sector is where all of our dismal, low-paying American jobs are, so this is kind of important, though a series without much of a track record yet. If this one matches the level of weirdness and surprise in its manufacturing cousin, expect it to soar to 72.
Other:
- On this day in 1785, according to Wikipedia, the dollar was chosen as the official monetary unit of the United States, making the infant Ron Paul cry. It is also the birthday of George W. Bush and Sylvester Stallone.
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