@ The White House
In the morning, the President will travel to Detroit, Michigan.
While in Michigan, the President will tour General Motors Orion Assembly and give remarks on the trade agreement with South Korea that will open up economic opportunities and support jobs on both sides of the Pacific. The President will be joined by President Lee of the Republic of Korea.
Later, the President will return to Washington, DC. The departure from Detroit Metropolitan Wayne County Airport and the arrival on the South Lawn are open press.
@ Wall Street
Friday, October 14 ? Retail Sales (Sep.)
Sales at auto dealers should increase substantially in September as light vehicle sales surged to 13.0 million units from August's 12.1 million units. Retail sales excluding autos are expected to rise 0.4%, due to growth in sales at building materials and garden supply stores and gasoline stations. Retail sales used to estimate personal spending (total retail sales less autos, less building materials, less gasoline) are expected to increase only 0.2%, not a dramatic rise, but still better than August, which was flat. Consumer confidence is still in recession territory, but spending is holding up better than sentiment.
Consumer sentiment should inch up in mid-October, but remain at recessionary levels.
IHS Global Insight expect the mid-October Reuters/University of Michigan consumer sentiment index to reach 60.8, above the September reading of 59.4. Consumer sentiment fell sharply during the summer months, and consumers face considerable headwinds such as poor job prospects, declining household net worth, higher poverty rates, and rising prices. However, consumer confidence has been slowly improving since August.
