Factory orders (November): sharply declining again
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ISM non-manufacturing index (December): remaining deeply in contraction zone Factory orders (November): sharply declining again Labour market (December): unemployment rate could jump to 7.0% Construction spending fell by 1.2% mom in October, as private commercial construction spending declined, thus adding to the ongoing plunge in residential spending. Given the very low levels of housing starts and the general recession, we expect construction spending to have fallen by 1.5% mom in November.