@ The White House
In the morning, the President and the Vice President will receive the Presidential Daily Briefing. Later in the morning, the President will meet with senior advisors in the Oval Office. In the afternoon, the President and the Vice President will meet with Secretary of Defense Panetta in the Oval Office.
@ Wall Street
Construction Spending (Mar.)
Construction spending has benefited from mild weather recently; however, we are projecting a 0.8% decline in construction spending in March. The decline is mostly due to lower spending on public and nonresidential construction.
ISM Manufacturing Index (Apr.)
The ISM for manufacturing should cool from 53.4 to 52.9 in April. Production, orders, and employment scores have all fared well during the late-2011/early-2012 growth spurt in manufacturing, but final demand is not growing strong enough to keep the ISM score as far from 50 as it has been since last fall.
Motor Vehicle Sales (Apr.)
In line with the January and March results, April?s projected sales rate of 14.2 million reflects the positive light vehicle sales levels the market has realized so far in 2012. Passenger car sales should also see continued strength. The recent moderation in the rise of gasoline prices creates opportunity for automakers to push the ample inventory of light trucks in the upcoming months.
