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Practice Management > Building Your Business

Congress and Spending and Jobs—Advisor Briefing for the Week of May 2, 2011

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This business week is bookended by the return of Congress from its spring break on Monday, with competing deficit reduction proposals top of mind, while the April jobs report will be released Friday. Perhaps the high point of the deficit doings will come during Wednesday’s scheduled hearings of the Senate Finance Committee featuring former Senator (and now UBS executive) Phil Gramm, while the bipartisan ‘Gang of Six’ current Senators may release its plan.

Q1 earnings season starts to wind down, while the advisor spring conference season heats up: following last week’s annual meetings of the IAA and the Advisors in Philanthropy, this week brings the annual FPA Retreat in Florida, May 3-6, the Raymond James annual conference in Las Vegas from May 2-5 and the ICI general meeting May 4-6 in Washington. Look for onsite reporting from all three conferences on AdvisorOne.

All times are Eastern.

Monday, May 2

10:00 AM:            ISM  manufacturing index for April, from Institute of Supply Management.

10:00 AM:            Construction spending for March from the Census Bureau.

2:00 PM:              U.S. House convenes.

2:00 PM:              U.S. Senate convenes for a period of morning business.

3:00 PM:              U.S. Treasury Dept. releases current estimates of what it will borrow for rest of year.

Tuesday, May 3

10:00 AM:            Factory orders for March, released by the Census Bureau.

10:00 AM:            Hearing on equitability of tax burdens and tax benefits, Senate Finance Committee.

TBD:                    Vehicle sales for April released by automakers.

Wednesday, May 4

8:15 AM:              Monthly national employment report from ADP.

10:00 AM:            The Non-Manufacturing Index is released by the Institute for Supply Management.

10:00 AM:            Hearing on how to enforce budget cuts, featuring former Senator Phil Gramm, Senate Finance Committee.

10:30 AM:            Weekly EIA Petroleum Status report from the U.S. Dept of Energy Information Administration.

Thursday, May 5

7:00 AM:              Interest rate announcement from the Bank of England.

7:45 AM:              Interest rate announcement from the European Central Bank.

8:30 AM:              Initial weekly unemployment insurance jobless claims from the Department of Labor.

8:30 AM:              Productivity and costs from the Bureau of Labor Statistics.

9:30 AM:              Fed Chairman Ben Bernanke delivers morning keynote speech in Chicago at Chicago Fed’s 47th  Annual Conference on Bank Structure and Competition.

10:00 AM:            Same store retail sales from the ICSC/Goldman Sachs.

1:10 PM:              FDIC Chairman Sheila Bair presents lunch speech at Chicago Fed Conference on Bank Structure and Competition.

TBD:                    Vice President Joe Biden to lead budget negotiating session between White House officials and congressional leaders.

Friday, May 6

8:30 AM:              The unemployment rate for April, from the Labor Department.

3:00 PM:              Consumer credit report for March is released by the Federal Reserve


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