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May 1, 2013  Wed 2:45 AM CT

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The economy is back in focus today, with employment, manufacturing, and monetary policy on the calendar.

Weekly mortgage applications begin the flow of events at 7 a.m. ET. The first big headline comes at 8:15 a.m. ET with ADP's private-sector payroll report. Economists expect a reading of 155,000, down from 158,000 in March. The report will likely be viewed as a bellwether for the Labor Department's crucial non-farm payrolls report Friday morning.

The Institute for Supply Management's manufacturing index follows at 10 a.m. ET and has the potential to move the market. Economists expect a reading of 51, down from 51.3 last month.

Construction spending for March will be announced at the same time but is unlikely to have a big impact on sentiment because it covers a previous time frame. Weekly changes in crude-oil inventories follow at 10:30 a.m. ET, which could affect trading in energy companies.

The Federal Reserve will announce its interest-rate decision at 2 p.m. ET, and auto makers will report monthly car and truck sales at 3 p.m. ET.

We also must correct an error in earlier stories. European purchasing managers indexes will be released Thursday morning, not today. Markets across the Atlantic are closed today in observance of May Day. Our apologies for the misstatement.
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