The stock market finished the month of July with solid gains and it appears as if August is going to kick of on a positive note as well. As of this writing, U.S. stock futures were pointing to a 1% higher start, helped by momentum in European markets that hit a broad-index high for the year.
The ISM Index, which is the result of a survey of national manufacturing conditions, is due to be released at 10:00 am ET. Economists are looking for a reading of 46.5, which is below the 50 mark that indicates an expanding manufacturing sector, but would mark the seventh straight month of improvement. We will also get construction spending and auto sales data later today.
The rest of the week is packed with economic data. On Tuesday we will receive Personal Income and Outlays as well as pending home sales data. Mortgage applications, the ADP and Challenger job reports, factory orders, and the ISM Non-Manufacturing Index are scheduled for Wednesday. Thursday brings the weekly jobless claims and we finish the week with the government’s employment situation report for July.
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