@ Wall Street
Employment Cost Index (Q4) The employment cost index rose at the slowest pace in two years in the third quarter of 2011. We are expecting a similar result for the fourth, with the ECI rising 0.3%, and private industry compensation growth again outpacing that of state and local government.
S&P/Case-Shiller Home Price Index (Nov.) The year-on-year declines in the S&P/Case-Shiller Home Price Index likely held steady at 3.4% in November, the same as October. This would incorporate a 0.5% monthly decline in the seasonally-adjusted index, softer than in October as the 4.1% plunge in the HPI for Atlanta that month is unlikely to be repeated.
Conference Board Consumer Confidence (Jan.) Consumers are benefiting from some tailwinds recently that are bolstering confidence in the recovery. The job market is looking brighter, gasoline prices are off their mid-May peak, food prices are increasing at a much slower pace, and the stock market is gaining. The Conference Board Consumer Confidence Index likely advanced this month as a result. However, American households still face strong headwinds that will not disappear soon, keeping confidence depressed for this late stage of the business cycle.
@ The White House
In the morning, the President will receive the Presidential Daily Briefing in the Oval Office. Later in the morning, the President will hold a Cabinet Meeting in the Cabinet Room.
In the afternoon, the President will meet with Secretary of Defense Panetta in the Oval Office. In the evening, the President will deliver remarks at a campaign event in Washington, DC. There will be print pool coverage for remarks only.
Later in the evening, the President will deliver remarks at a campaign event at a private residence in Washington, DC.
