6:00a NFIB Small Business Optimism Index 101.8 actual vs 101.7 prior
Highlights
The small business index remains flat, little changed in March at a nearly as-expected 101.8 with concerns over heavy inventories an emerging issue in the sample. February' is unrevised at 101.7. Job readings remain the most important positive in the sample though further gains in March were limited. This index had been in the 105 to 110 range for most of last year before falling to the low 100 area beginning this year.
Definition
The small business optimism index is compiled from a survey that is conducted each month by the National Federation of Independent Business (NFIB) of its members. The index is a composite of 10 seasonally adjusted components based on the following questions: plans to increase employment, plans to make capital outlays, plans to increase inventories, expect economy to improve, expect real sales higher, current inventory, current job openings, expected credit conditions, now a good time to expand, and earnings trend.
8:55a Redbook Chain Store Sales y/y change 4.8% actual vs 4.4 prior
Highlights
Redbook's same-store tally continues to climb from an early March low of 4.2 percent year-on-year growth to 4.8 percent in the April 6 week. The direction of the improvement hints at improvement for retail sales data in March which in February posted small declines. Because of Easter, March is always difficult to measure and this year looks especially tough for the month, with Easter shifting from April 1 last year (a date that helped March sales) to April 21 this year (a date that pulled March sales into April).
10:00a Job Openings and Labor Turnover Survey: 7.087M vs 7.625M (revised) prior month
Consensus Outlook
Payroll growth proved solid in March and points to continued strength for February's job openings in the JOLTS report, at a consensus 7.565 million vs 7.581 million in January that easily beat expectations.
Dan 
