@ The White House
In the morning, the President will depart the White House en route Las Vegas, Nevada. While in Las Vegas, the President will deliver remarks at a campaign event.
The President will then meet with homeowners at a private residence and deliver remarks on the American Jobs Act. There will be a pool spray of the President?s meeting with homeowners.
Later, the President will travel to Los Angeles, California.
In the evening, the President will deliver remarks at a campaign event at a private residence.
Later in the evening, the President will deliver remarks at a campaign event at a private residence. The President will spend the night in Los Angeles, California.
@ Wall Street
Housing was in the limelight this past week, and the story is unchanged. The single-family housing market remains stuck at the bottom, while the multi-family market is slowly getting back on track.
With nine months of data, 2011 is shaping up to be the worst year on record for single-family housing starts, single-family permits, and existing home sales. New home sales, which come out next week, will also set a record low in 2011. Still, September was a banner month for housing starts, which climbed to their highest level in 17 months on a whopping 51% jump in the improving multi-family market.
The highlight in the very busy upcoming week will be the advance GDP release, which will show the economy growing at its fastest pace in the third quarter of 2011 since the second quarter of 2010.
The two most important measures of consumer confidence, the Conference Board?s consumer confidence index and Reuters/University of Michigan?s consumer sentiment index will show confidence and sentiment at recessionary levels in October.
Despite the gloom, we are projecting that the personal income and outlays release will show that real consumer spending increased modestly in September and during the third quarter. The new home sales release for September will show sales still on track for a record low year. Finally, durable goods orders will be down in September on a drop in aircraft orders, while the employment cost index will show that wage pressures in the third quarter remained subdued.
