Wells Fargo - "U.S. Outlook:
ISM Non-Manufacturing • Tuesday
Previous: 55.2 Consensus: 55.0
Wells Fargo: 55.1
Trade Balance • Thursday
Previous: -$38.5B Consensus: -$43.0B
Wells Fargo: -$43.0B
Employment • Friday
The January employment report showed that hiring activity finished 2012 on a strong note. Job gains for November and December were revised higher by a net 127,000 jobs to an average of 222,000. Hiring slowed in January with employers adding 157,000 new jobs, but we expect job gains to have improved in February. The ISM non-manufacturing employment index has indicated that more firms are hiring and the trend in jobless claims remains below 360,000. However, federal government hiring and private sector firms closely linked with federal spending may have curtailed hiring as sequestration looked increasingly likely during the month, which would temper the overall number of job gains in February. Following an uptick in January, we expect the unemployment rate edged down to 7.8 percent.
Previous: 157,000 Consensus: 150,000
Wells Fargo: 191,000"