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

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May 2, 2011 • Reprints

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. 

About the Author
James J. Green, AdvisorOne

James J. Green, AdvisorOne

Jamie Green is Group Editorial Director of the Investment Advisory Group at Summit Business Media, with overall editorial responsibility for AdvisorOne.com, launched in October 2010, and Investment Advisor and Research magazines, monthly print magazines which have served advisors of all kinds for more than 30 years. He can be reached at jgreen@sbmedia.com

He has nearly 30 years experience in print and electronic journalism, with nearly 14 years covering the investment advisory industry. In the 1980s he was editor of Tele/Scope, a pioneering electronic news service based in New York that covered telecommunications business and research, and was editor of Telecommunications Research, a monthly journal. In the 1990s he worked for nine years at The New York Times, where he was editor of TimesFax, an electronic version of the newspaper of record now known as TimesDigest. While at The Times, he led the editorial team that expanded distribution of TimesFax to remote corners of every continent on Earth, to every ship in the U.S. Navy, to scores of cruise ships, and to the international space station.

He joined what was then Dow Jones Investment Advisor in 1999 as managing editor, was appointed Executive Editor of Investment Advisor magazine in 2000, Editor in 2002, Editor-in-Chief in 2005, and Editorial Director of Investment Advisor and Wealth Manager in 2008 before assuming his current position in 2009.

He holds a bachelor's degree in philosophy from St. Hyacinth College in Granby, Mass., and studied theology on the graduate level at St. Anthony-on-the-Hudson, Rensselaer, N.Y.

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