US: Focus on September auto sales numbers - BBH

Ahead of the ADP report on Wednesday, and the storm-marred national jobs report before the weekend, the US reports September auto sales which will be in focus for today’s session, suggests the analysis team at BBH.  

Key Quotes

“A strong recovery is expected after a three-year low of 16.03 mln (SAAR) was reported for August.  We caution that the storms' impact will distort a broad range of data.  We suspect that, in part, this explains the over-the-top strength seen in the manufacturing ISM (and not picked up by the Markit PMI), and it could help bolster the auto sales report.”

“On the other hand, the storm impact is expected to depress the non-farm payroll report, with the Bloomberg estimate nearly half the year's average.  There are no Fed official speeches today, but several speak tomorrow, including Yellen and Powell, the later has moved up in the betting markets a candidate for the Chair.”