9:45a PMI Manufacturing Index
Index 52.2 actual vs 52.3 prior
Consensus Outlook
The final manufacturing PMI for July is expected to hold at the 52.3 flash which was the lowest score in two years.
Definition
Based on monthly questionnaire surveys of selected companies, the Purchasing Managers' Manufacturing Index (PMI) offers an advance indication on month-to-month activity in the private sector economy by tracking changes in variables such as production, new orders, stock levels, employment and prices across manufacturing industries. The final index for the current month is released roughly a week after the flash.
10:00a Construction Spending
Month over Month -1.0% actual vs 0.1% (rev) prior
Year over Year 8.3% actual vs 9.7% prior
Consensus Outlook
After 0.1 percent contraction in May, construction spending in June is expected to rebound slightly by 0.2 percent. Residential spending slowed sharply in May while nonresidential spending remained in contraction for a third month in a row.
Definition
The dollar value of new construction activity on residential, non-residential, and public projects. Data are available in nominal and real (inflation-adjusted) dollars
10:00a ISM Manufacturing Index
Index 52.8 actual vs 53.0 prior
Consensus Outlook
The ISM manufacturing index moved lower in June, from the mid-to-high 50s range where it had held earlier in the year to a lower-than-expected 53.0. Further slowing is expected for July with Econoday's consensus at 52.2
Definition
The manufacturing composite index from the Institute for Supply Management is a diffusion index calculated from five of the eleven sub-components of a monthly survey of purchasing managers at roughly 300 manufacturing firms nationwide. The survey queries purchasing managers about the general direction of production, new orders, order backlogs, their own inventories, customer inventories, employment, supplier deliveries, exports, imports, and prices. The five components of the composite index are new orders, production, employment, supplier deliveries, and inventories (their own, not customer inventories). The five components are equally weighted. The questions are qualitative rather than quantitative; that is, they ask about the general direction rather than the specific level of activity. Each question is adjusted into a diffusion index which is calculated by adding the percentage of positive responses to one-half of the unchanged responses.
Dan 
