Last week was a relatively quiet one for economic indicators with only 17 releases.  Below is a list of the releases with the actual versus estimated readings.  The ISM Non-Manufacturing Index and Markit Service PMI kicked off the week beating estimates but were still lower from the prior month.  Thursday’s FOMC rate decision was a snooze-fest with everything coming in as expected.  Friday capped off the week with a PPI release way above estimates.  This was the only notable surprise of the week and was one factor in market declines on Friday.  Rising inflation pressures have been increasingly mentioned in earnings calls this season, and it seems that we are starting to see the effects. Higher inflation is not a good sign for markets and will certainly lead to more hawkish policy.

Moving on to this week, the US economic data slate will be a little bit heavier with 24 releases on the docket.  Since today is Veteran’s Day, there are no scheduled releases.  The bond market is also closed.  Tomorrow will kick off the week with small business optimism from the NFIB.  On Wednesday we will see if last week’s higher than expected PPI will be passed along to consumers through the CPI release.  Thursday will be the busiest day of the week with Empire Manufacturing, Philly Business Outlook, retail sales, export/import price indices, and claims all releasing.  We round out the week with industrial and manufacturing numbers.

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