Tomorrow's Economic Reports September 1, 2011

Tomorrow is a massive day for economic numbers, with initial claims and ISM being the two largest reports. These two reports are certainly market moving, and traders will being attention to these releases. At 8:30 a.m., initial claims for the week ending August 27 are expected to come in at 407,000. That is down 10,000 from the prior week. Continuing claims are also going to be released, and are expected to come in at 3.63 million. That is down slightly from the prior week, which showed that 3.641 million people had been filing unemployment claims. Also at 8:30 a.m., we get a revised reading of second quarter productivity. It is expected to dip to -0.5%, down from -0.3% at first check. Unit labor costs are expected to be revised up for the second quarter. Economists' expect a reading of 2.4%, up from 2.2%. At 10:00 a.m., the August ISM is expected to be released. Economists are expecting a reading of 48.5, down from 50.9 in July. At 10:00 a.m., we also get July construction spending. It is expected to show a reading of 0.0%, down from 0.2% in the prior reading of June. Throughout the day, we will also get auto sales for the month of August from auto companies such as Ford F, General Motors GM, Toyota Motors TM and Honda HMC.