@ The White House
In the morning, the President will receive the Presidential Daily Briefing and meet with senior advisors in the Oval Office. In the afternoon, the President will travel to Camp David.
@ Wall Street
ISM Manufacturing Index (Jun.) The manufacturing sector is becalmed after an early-year spurt and the ISM-manufacturing index for June should reflect that with a dead-neutral reading of 50. The employment and supplier deliveries components should be the biggest sources of drag in the June reading, as production and orders fell to very mediocre levels in May. A key item to watch will be export orders, as future growth in manufacturing requires a solid export market when domestic demand is anemic. Export readings have bounced between a solid 55 and a robust 62 in the past 18 months and were at the low end of that range in May; they must thrive, or manufacturing shrivels.
Reuters/University of Michigan Consumer Sentiment Index, Final (Jun.) The bad news far outweighs the good news. The consumer mood has turned sour due to poor payroll numbers, an increasing unemployment rate, higher food prices, further declines in home prices, a volatile stock market, and higher transaction prices for automobiles. The only real positive in recent weeks has been the decline in gasoline prices.
Motor Vehicle Sales (Jun.) Although improving from year-ago levels, June light-vehicle sales are not expected to advance from last month?s 11.8-million annualized pace. Inventory shortages at the Japanese manufacturers will continue to impede any overall industry momentum, while incentive levels remain soft.
