2015 economic calendar

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Economics Group 2015 Economic Calendar This publication is available at wellsfargo.com/economics.

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Page 1: 2015 economic calendar

Economics Group

2015 Economic Calendar

This publication is available at wellsfargo.com/economics.

Page 2: 2015 economic calendar

January 2015Sunday Monday Tuesday Wednesday Thursday Friday Saturday

1 2 3ISM Manufacturing [Dec] 10a

New Year's Day Const. Spending [Nov] 10a

[Markets Closed]

4 5 6 7 8 9 10Vehicle Sales [Dec] 5p Factory Orders [Nov] 10a ADP Employment [Dec] 8:15a Jobless Claims [Jan 3] 8:30a Employment [Dec] 8:30a

ISM Non-Manuf. [Dec] 10a U.S. Int. Trade [Nov] 8:30a Consumer Credit [Nov] 3p

FOMC Minutes [Dec] 2p

11 12 13 14 15 16 17NFIB Small Bus. [Dec] 7:30a Imp. Price Index [Dec] 8:30a PPI [Dec] 8:30a CPI [Dec] 8:30a

JOLTs [Nov] 10a Retail Sales [Dec] 8:30a Empire Manuf. [Jan] 8:30a Industrial Prod. [Dec] 9:15a

Federal Budget [Dec] 2p Bus. Inventories [Nov] 10a Jobless Claims [Jan 10] 8:30a Mich. Cons. Sent. [Jan P] 10a

Fed Beige Book 2p Philly Fed Survey [Jan] 10a TIC [Nov] 4p

18 19 20 21 22 23 24Housing Starts [Dec] 8:30a ECB Announcement 7:45a Existing Home Sales [Dec] 10a

Martin Luther Jobless Claims [Jan 17] 8:30a LEI [Dec] 10a

King, Jr. Day[Markets Closed]

25 26 27 28 29 30 31Durable Goods [Dec] 8:30a FOMC Statement 2p Jobless Claims [Jan 24] 8:30a GDP [Q4 1st] 8:30a

S&P/C-S Home Prices [Nov] 9a ECI [Q4] 8:30a

New Home Sales [Dec] 10a Chicago PMI [Jan] 9:45a

Cons. Confidence [Jan] 10a Mich. Cons. Sent. [Jan F] 10a

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Page 3: 2015 economic calendar

February 2015Sunday Monday Tuesday Wednesday Thursday Friday Saturday

1 2 3 4 5 6 7Pers. Inc. & Spend. [Dec] 8:30a Factory Orders [Dec] 10a ADP Employment [Jan] 8:15a Productivity [Q4 1st] 8:30a Employment [Jan] 8:30a

ISM Manufacturing [Jan] 10a New Home Sales [Dec] 10a ISM Non-Manuf. [Jan] 10a U.S. Int. Trade [Dec] 8:30a Consumer Credit [Dec] 3p

Const. Spending [Dec] 10a Vehicle Sales [Jan] 5p Jobless Claims [Jan 31] 8:30a

8 9 10 11 12 13 14NFIB Small Bus. [Jan] 7:30a Federal Budget [Jan] 2p Retail Sales [Jan] 8:30a Imp. Price Index [Jan] 8:30a

JOLTs [Dec] 10a Jobless Claims [Feb 7] 8:30a Mich. Cons. Sent. [Feb P] 10a

Bus. Inventories [Dec] 10a

15 16 17 18 19 20 21Empire Manuf. [Feb] 8:30a PPI [Jan] 8:30a Jobless Claims [Feb 14] 8:30a

Presidents' Day TIC [Dec] 4p Housing Starts [Jan] 8:30a LEI [Jan] 10a

[Markets Closed] Industrial Prod. [Jan] 9:15a Philly Fed Survey [Feb] 10a

FOMC Minutes [Jan] 2p

22 23 24 25 26 27 28Existing Home Sales [Jan] 10a S&P/C-S Home Prices [Dec] 9a New Home Sales [Jan] 10a CPI [Jan] 8:30a GDP [Q4 2nd] 8:30a

Cons. Confidence [Feb] 10a Durable Goods [Jan] 8:30a Chicago PMI [Feb] 9:45a

Jobless Claims [Feb 21] 8:30a Mich. Cons. Sent. [Feb F] 10a

`

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Page 4: 2015 economic calendar

March 2015Sunday Monday Tuesday Wednesday Thursday Friday Saturday

1 2 3 4 5 6 7Pers. Inc. & Spend. [Jan] 8:30a Vehicle Sales [Feb] 5p ADP Employment [Feb] 8:15a ECB Announcement 7:45a Employment [Feb] 8:30a

ISM Manufacturing [Feb] 10a ISM Non-Manuf. [ Feb] 10a Productivity [Q4 2nd] 8:30a U.S. Int. Trade [Jan] 8:30a

Const. Spending [Jan] 10a Fed Beige Book 2p Jobless Claims [Feb 28] 8:30a Consumer Credit [Jan] 3p

Factory Orders [Jan] 10a

8 9 10 11 12 13 14NFIB Small Bus. [Feb] 7:30a Federal Budget [Feb] 2p Imp. Price Index [Feb] 8:30a PPI [Feb] 8:30a

JOLTs [Jan] 10a Retail Sales [Feb] 8:30a Mich. Cons. Sent. [Mar P] 10a

Jobless Claims [Mar 7] 8:30a

Bus. Inventories [Jan] 10a

15 16 17 18 19 20 21Empire Manuf. [Mar] 8:30a Housing Starts [Feb] 8:30a FOMC Statement 2p Current Account [Q4] 8:30a

Industrial Prod. [Feb] 9:15a Press Conference 2:30p Jobless Claims [Mar 14] 8:30a

TIC [Jan] 4p LEI [Feb] 10a

Philly Fed Survey [Mar] 10a

22 23 24 25 26 27 28Existing Home Sales [Feb] 10a CPI [Feb] 8:30a Durable Goods [Feb] 8:30a Jobless Claims [Mar 21] 8:30a GDP [Q4 3rd] 8:15a

New Home Sales [Feb] 10a Mich. Cons. Sent. [Mar F] 10a

29 30 31Pers. Inc. & Spend. [Feb] 8:30a S&P/C-S Home Prices [Jan] 9a

Chicago PMI [Mar] 9:45a

Cons. Confidence [Mar] 10a

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Page 5: 2015 economic calendar

April 2015Sunday Monday Tuesday Wednesday Thursday Friday Saturday

1 2 3 4ADP Employment [ Mar] 8:15a U.S. Int. Trade [Feb] 8:30a Employment [Mar] 8:30a

ISM Manufacturing [Mar] 10a Jobless Claims [Mar 28] 8:30a

Const. Spend. [Feb] 10a Factory Orders [Feb] 10a Good FridayVehicle Sales [Mar] 5p [Markets Closed]

Early Bond Market Close

Observing Good Friday

5 6 7 8 9 10 11ISM Non-Manuf. [Mar] 10a JOLTs [Feb] 10a FOMC Minutes [Mar] 2p Jobless Claims [Apr 4] 8:30a Imp. Price Index [Mar] 8:30a

Consumer Credit [Feb] 3p Federal Budget [Mar] 2p

12 13 14 15 16 17 18NFIB Small Bus. [Mar] 7:30a ECB Announcement 7:45a Housing Starts [Mar] 8:30a CPI [Mar] 8:30a

PPI [Mar] 8:30a Empire Manuf. [Apr] 8:30a Jobless Claims [Apr 11] 8:30a LEI [Mar] 10a

Retail Sales [Mar] 8:30a Industrial Prod. [Mar] 9:15a Philly Fed Survey [Apr] 10a Mich. Cons. Sent. [Apr P] 10a

Bus. Inventories [Feb] 10a Fed Beige Book 2p

TIC [Feb] 4p

19 20 21 22 23 24 25Existing Home Sales [Mar] 10a Jobless Claims [Apr 18] 8:30a Durable Goods [Mar] 8:30a

New Home Sales [Mar] 10a

26 27 28 29 30S&P/C-S Home Prices [Feb] 9a GDP [Q1 1st] 8:30a Pers. Inc. & Spend. [Mar] 8:30a

Cons. Confidence [Apr] 10a FOMC Statement 2p ECI [Q1] 8:30a

Jobless Claims [Apr 25] 8:30a

Chicago PMI [Apr] 9:45a

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Page 6: 2015 economic calendar

May 2015Sunday Monday Tuesday Wednesday Thursday Friday Saturday

1 2ISM Manufacturing [Apr] 10a

Const. Spending [Mar] 10a

Mich. Cons. Sent. [Apr F] 10a

Vehicle Sales [Apr] 5p

3 4 5 6 7 8 9Factory Orders [Mar] 10a U.S. Int. Trade [Mar] 8:30a ADP Employment [Apr] 8:15a Jobless Claims [May 2] 8:30a Employment [Apr] 8:30a

ISM Non-Manuf. [Apr] 10a Productivity [Q1 1st] 8:30a Consumer Credit [Mar] 3p

10 11 12 13 14 15 16NFIB Small Bus. [Apr] 7:30a Retail Sales [Apr] 8:30a PPI [Apr] 8:30a Empire Manuf. [May] 8:30a

JOLTs [Mar] 10a Imp. Price Index [Apr] 8:30a Jobless Claims [May 9] 8:30a Industrial Prod. [Apr] 9:15a

Federal Budget [Apr] 2p Bus. Inventories [Mar] 10a Mich. Cons. Sent. [May P] 10a

TIC [Mar] 4p

17 18 19 20 21 22 23Housing Starts [Apr] 8:30a FOMC Minutes [Apr] 2p Jobless Claims [May 16] 8:30a CPI [Apr] 8:30a

Existing Home Sales [Apr] 10a

LEI [Apr] 10a

Philly Fed Survey [May] 10a

Early Bond Market Close

Observing Memorial Day

24 25 26 27 28 29 30Durable Goods [Apr] 8:30a Jobless Claims [May 23] 8:30a GDP [Q1 2nd] 8:30a

Memorial Day S&P/C-S Home Prices [Mar] 9a Chicago PMI [May] 9:45a

[Market Closed] New Home Sales [Apr] 10a Mich. Cons. Sent. [May F] 10a

31 Cons. Confidence [May] 10a

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Page 7: 2015 economic calendar

June 2015Sunday Monday Tuesday Wednesday Thursday Friday Saturday

1 2 3 4 5 6Pers. Inc. & Spend [Apr] 8:30a Factory Orders [Apr] 10a ECB Announcement 7:45a Productivity [Q1 2nd] 8:30a Employment [May] 8:30a

ISM Manufacturing [May] 10a Vehicle Sales [May] 5p ADP Employment [May] 8:15a Jobless Claims [May 30] 8:30a Consumer Credit [Apr] 3p

Const. Spend. [Apr] 10a U.S. Int. Trade [Apr] 8:30a Consumer Credit [Dec] 3p

ISM Non-Manuf. [May] 10a

Fed Beige Book 2p

7 8 9 10 11 12 13NFIB Small Bus. [May] 7:30a Federal Budget [May] 2p Imp Price Index [May] 8:30a PPI [May] 8:30a

JOLTs [Apr] 10a Retail Sales [May] 8:30a Mich. Cons. Sent. [Jun P] 10a

Jobless Claims [Jun 6] 8:30a

Bus. Inventories [Apr] 10a

14 15 16 17 18 19 20Empire Manuf. [Jun] 8:30a Housing Starts [May] 8:30a FOMC Statement 2p CPI [May] 8:30a

Industrial Prod. [May] 9:15a Press Conference 2:30p Current Account [Q1] 8:30a

TIC [Apr] 4p Jobless Claims [Jun 13] 8:30a

LEI [May] 10a

Philly Fed Survey [Jun] 10a

21 22 23 24 25 26 27Existing Home Sales [May] 10a Durable Goods [May] 8:30a GDP [Q1 3rd] 8:15a Pers. Inc. & Spend. [May] 8:30a Mich. Cons. Sent. [Jun F] 10a

New Home Sales [May] 10a Jobless Claims [Jun 20] 8:30a

28 29 30S&P/C-S Home Prices [Apr] 9a

Chicago PMI [Jun] 9:45a

Cons. Confidence [Jun] 10a

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Page 8: 2015 economic calendar

July 2015Sunday Monday Tuesday Wednesday Thursday Friday Saturday

1 2 3 4ADP Employment [Jun] 8:15a Employment (Jun) 8:30a

ISM Manufacturing [Jun] 10a Jobless Claims [Jun 27] 8:30a Independence DayConst. Spend. [May] 10a Factory Orders [May] 10a [Markets Closed]Vehicle Sales [Jun] 5p Observing Independence Day

5 6 7 8 9 10 11ISM Non-Manuf. [Jun] 10a U.S. Int. Trade [May] 8:30a FOMC Minutes [Jun] 2p Jobless Claims [Jul 4] 8:30a

JOLTs [May] 10a

Consumer Credit [May] 3p

12 13 14 15 16 17 18Federal Budget [Jun] 2p NFIB Small Bus. [Jun] 7:30a Empire Manuf. [Jul] 8:30a ECB Announcement 7:45a CPI [Jun] 8:30a

Imp. Price Index [Jun] 8:30a Industrial Prod. [Jun] 9:15a Jobless Claims [Jul 11] 8:30a Housing Starts [Jun] 8:30a

Retail Sales [Jun] 8:30a Fed Beige Book 2p Philly Fed Survey [Jul] 10a Mich. Cons. Sent. [Jul P] 10a

Bus. Inventories [May] 10a TIC [May] 4p

19 20 21 22 23 24 25Existing Home Sales [Jun] 10a Jobless Claims [Jul 18] 8:30a New Home Sales [Jun] 10a

LEI [Jun] 10a

26 27 28 29 30 31Durable Goods [Jun] 8:30a S&P/C-S Home Prices [May] 9a FOMC Statement 2p GDP [Q2 1st] 8:30a ECI [Q2] 8:30a

Cons. Confidence [Jul] 10a Jobless Claims [Jul 25] 8:30a Chicago PMI [Jul] 9:45a

Mich. Cons. Sent. [Jul F] 10a

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Page 9: 2015 economic calendar

August 2015Sunday Monday Tuesday Wednesday Thursday Friday Saturday

2 3 4 5 6 7 1Pers. Inc. & Spend. [Jun] 8:30a Factory Orders [Jun] 10a ADP Employment [Jul] 8:15a Jobless Claims [Aug 1] 8:30a Employment [Jul] 8:30a

ISM Manufacturing [Jul] 10a U.S. Int. Trade [Jun] 8:30a Consumer Credit [Jun] 3p

Const. Spend [Jun] 10a ISM Non-Manuf. [Jul] 10a

Vehicle Sales [Jul] 5p 8

9 10 11 12 13 14 15NFIB Small Bus. [Jul] 7:30a JOLTs [Jun] 10a Imp. Price Index [Jul] 8:30a PPI [Jul] 8:30a

Productivity [Q2 1st] 8:30a Federal Budget [Jul] 2p Retail Sales [Jul] 8:30a Industrial Prod. [Jul] 9:15a

Jobless Claims [Aug 8] 8:30a Bus. Inventories [Jun] 10a

Mich. Cons. Sent. [Aug P] 10a

16 17 18 19 20 21 22Empire Manuf. [Aug] 8:30a Housing Starts [Jul] 8:30a CPI [Jul] 8:30a Jobless Claims [Aug 15] 8:30a

TIC [Jun] 4p FOMC Minutes [Jul] 2p Existing Home Sales [Jul] 10a

LEI [Jul] 10a

Philly Fed Survey [Aug] 10a

23 24 25 26 27 28 29S&P/C-S Home Prices [Jun] 9a Durable Goods [Jul] 8:30a GDP [Q2 2nd] 8:30a Pers. Inc. & Spend. [Jul] 8:30a

New Home Sales [Jul] 10a Jobless Claims [Aug 22] 8:30a Mich. Cons. Sent. [Aug F] 10a

Cons. Confidence [Aug] 10a

30 31Chicago PMI [Aug] 9:45a

wellsfargo.com/economics All Times EST© 2014 Wells Fargo Securities, LLC. All rights reserved.

Page 10: 2015 economic calendar

September 2015Sunday Monday Tuesday Wednesday Thursday Friday Saturday

1 2 3 4 5ISM Manufacturing [Aug] 10a ADP Employment [Aug] 8:15a ECB Announcement 7:45a Employment [Aug] 8:30a

Const. Spending [Jul] 10a Productivity [Q2 2nd] 8:30a U.S. Int. Trade [Jul] 8:30a

Vehicle Sales [Aug] 5p Factory Orders [Jul] 10a Jobless Claims [Aug 29] 8:30a

Fed Beige Book 2p ISM Non-Manuf. [Aug] 10a

6 7 8 9 10 11 12NFIB Small Bus. [Aug] 7:30a JOLTs [Jul] 10a Imp. Price Index [Aug] 8:30a PPI [Aug] 8:30a

Labor Day Consumer Credit [Jul] 3p Jobless Claims [Sep 5] 8:30a Mich. Cons. Sent. [Sep P] 10a

[Markets Closed] Federal Budget [Aug] 2p

13 14 15 16 17 18 19Retail Sales [Aug] 8:30a CPI [Aug] 8:30a Housing Starts [Aug] 8:30a LEI [Aug] 10a

Empire Manuf. [Sep] 8:30a TIC [Jul] 4p Current Account [Q2] 8:30a

Industrial Prod. [Aug] 9:15a Jobless Claims [Sep 12] 8:30a

Bus. Inventories [Jul] 10a Philly Fed Survey [Sep] 10a

FOMC Statement 2p

Press Conference 2:30p

20 21 22 23 24 25 26Existing Home Sales [Aug] 10a Durable Goods [Aug] 8:30a GDP [Q2 3rd] 8:30a

Jobless Claims [Sep 19] 8:30a Mich. Cons. Sent. [Sep F] 10a

New Home Sales [Aug] 10a

27 28 29 30Pers. Inc. & Spend. [Aug] 8:30a S&P/C-S Home Prices [Jul] 9a ADP Employment [Sep] 8:15a

Cons. Confidence [Sep] 10a Chicago PMI [Sep] 9:45a

wellsfargo.com/economics All Times EST© 2014 Wells Fargo Securities, LLC. All rights reserved.

Page 11: 2015 economic calendar

October 2015Sunday Monday Tuesday Wednesday Thursday Friday Saturday

1 2 3Jobless Claims [Sep 26] 8:30a Employment [Sep] 8:30a

ISM Manufacturing [Sep] 10a Factory Orders [Aug] 10a

Const. Spending [Aug] 10a

Vehicle Sales [Sep] 5p

4 5 6 7 8 9 10ISM Non-Manuf. [Sep] 10a U.S. Int. Trade [Aug] 8:30a Consumer Credit [Aug] 3p Jobless Claims [Oct 3] 8:30a Imp. Price Index [Sep] 8:30a

FOMC Minutes [Sep] 2p

11 12 13 14 15 16 17Federal Budget [Sep] 2p NFIB Small Bus. [Sep] 7:30a PPI [Sep] 8:30a CPI [Sep] 8:30a Industrial Prod. [Sep] 9:15a

Retail Sales [Sep] 8:30a Empire Manuf. [Oct] 8:30a JOLTs [Aug] 10a

Bus. Inventories [Aug] 10a Jobless Claims [Oct 10] 8:30a Mich. Cons. Sent. [Oct P] 10a

Fed Beige Book 2p Philly Fed Survey [Oct] 10a TIC (Aug) 4p

18 19 20 21 22 23 24Housing Starts [Sep] 8:30a ECB Announcement 7:45a

Jobless Claims [Oct 17] 8:30a

Existing Home Sales [Sep] 10a

LEI [Sep] 10a

25 26 27 28 29 30 31New Home Sales [Sep] 10a Durable Goods [Sep] 8:30a FOMC Statement 2p GDP [Q3 1st] 8:30a Pers. Inc. & Spend. [Sep] 8:30a

S&P/C-S Home Prices [Aug] 9a Jobless Claims [Oct 24] 8:30a ECI [Q3] 8:30a

Cons. Confidence [Oct] 10a Chicago PMI [Oct] 9:45a

Mich. Cons. Sent. [Oct F] 10a

wellsfargo.com/economics All Times EST© 2014 Wells Fargo Securities, LLC. All rights reserved.

Page 12: 2015 economic calendar

November 2015Sunday Monday Tuesday Wednesday Thursday Friday Saturday

1 2 3 4 5 6 7ISM Manufacturing [Oct] 10a Factory Orders [Sep] 10a ADP Employment [Oct] 8:15a Productivity [Q3 1st] 8:30a Employment [Oct] 8:30a

Const. Spending [Sep] 10a Vehicle Sales [Oct] 5p U.S. Int. Trade [Sep] 8:30a Jobless Claims [Oct 31] 8:30a Consumer Credit [Sep] 3p

ISM Non-Manuf. [Oct] 10a

8 9 10 11 12 13 14NFIB Small Bus. [Oct] 7:30a Jobless Claims [Nov 7] 8:30a PPI [Oct] 8:30a

Imp. Price Index [Oct] 8:30a JOLTs [Sep] 10a Retail Sales [Oct] 8:30a

Veteran's Day Federal Budget [Oct] 2p Bus. Inventories [Sep] 10a

[Bond Markets Closed] Mich. Cons. Sent. [Nov P] 10a

15 16 17 18 19 20 21Empire Manuf. [Nov] 8:30a CPI [Oct] 8:30a Housing Starts [Oct] 8:30a Jobless Claims [Nov 14] 8:30a

Industrial Prod. [Oct] 9:15a FOMC Minutes [Oct] 2p LEI [Oct] 10a

TIC [Sep] 4p Philly Fed Survey [Nov] 10a

22 23 24 25 26 27 28 Existing Home Sales [Oct] 10a GDP [Q3 2nd] 8:30a Pers. Inc. & Spend. [Oct] 8:30a

S&P/C-S Home Prices [Sep] 9a Durable Goods [Oct] 8:30a Thanksgiving DayCons. Confidence [Nov] 10a Jobless Claims [Nov 21] 8:30a [Markets Closed]

New Home Sales [Oct] 10a

Mich. Cons. Sent. [Nov F] 10a Early Market Close

Observing Thanksgiving Day

29 30Chicago PMI [Nov] 9:45a

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Page 13: 2015 economic calendar

December 2015Sunday Monday Tuesday Wednesday Thursday Friday Saturday

1 2 3 4 5ISM Manufacturing [Nov] 10a ADP Employment [Nov] 8:15a ECB Announcement 7:45a Employment [Nov] 8:30a

Const. Spending [Oct] 10a Productivity [Q3 2nd] 8:30a Jobless Claims [Nov 28] 8:30a U.S. Int. Trade [Oct] 8:30a

Vehicle Sales [Nov] 5p Fed Beige Book 2p Factory Orders [Oct] 10a

ISM Non-Manuf. [Nov] 10a

6 7 8 9 10 11 12Consumer Credit [Oct] 3p NFIB Small Bus. [Nov] 7:30a Imp. Price Index [Nov] 8:30a PPI [Nov] 8:30a

JOLTs [Oct] 10a Jobless Claims [Dec 5] 8:30a Retail Sales [Nov] 8:30a

Federal Budget [Nov] 2p Bus. Inventories [Oct] 10a

Mich. Cons. Sent. [Dec P] 10a

13 14 15 16 17 18 19CPI [Nov] 8:30a Housing Starts [Nov] 8:30a Current Account [Q3] 8:30a

Empire Manuf. [Dec] 8:30a Industrial Prod. [Nov] 9:15a Jobless Claims [Dec 12] 8:30a

TIC [Oct] 4p FOMC Statement 2p LEI [Nov] 10a

Press Conference 2:30p Philly Fed Survey [Dec] 10a

20 21 22 23 24 25 26GDP [Q3 3rd] 8:30a Pers. Inc. & Spend. [Nov] 8:30a Jobless Claims [Dec 19] 8:30a

Existing Home Sales [Nov] 10a Durable Goods [Nov] 8:30a Christmas DayNew Home Sales [Nov] 10a [Markets Closed]Mich. Cons. Sent. [Dec F] 10a

Early Market Close

Observing Christmas Day

27 28 29 30 31S&P/C-S Home Prices [Oct] 9a Chicago PMI [Jan] 9:45a Jobless Claims [Dec 26] 8:30a

Cons. Confidence [Dec] 10a

Early Bond Market Close

Observing New Year's Day

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Page 14: 2015 economic calendar

Wells Fargo Securities, LLC Economics Group

Wells Fargo Securities Economics Group publications are produced by Wells Fargo Securities, LLC, a U.S broker-dealer registered with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, and the Securities Investor Protection Corp. Wells Fargo Securities, LLC, distributes these publications directly and through subsidiaries including, but not limited to, Wells Fargo & Company, Wells Fargo Bank N.A., Wells Fargo Advisors, LLC, Wells Fargo Securities International Limited, Wells Fargo Securities Asia Limited and Wells Fargo Securities (Japan) Co. Limited. Wells Fargo Securities, LLC. (“WFS”) is registered with the Commodities Futures Trading Commission as a futures commission merchant and is a member in good standing of the National Futures Association. Wells Fargo Bank, NA (“WFBNA”) is registered with the Commodities Futures Trading Commission as a swap dealer and is a member in good standing of the National Futures Association. WFS and WFBNA are generally engaged in the trading of futures and derivative products, any of which may be discussed within this publication. Wells Fargo Securities, LLC does not compensate its research analysts based on specific investment banking transactions. Wells Fargo Securities, LLC’s research analysts receive compensation that is based upon and impacted by the overall profitability and revenue of the firm which includes, but is not limited to investment banking revenue. The information and opinions herein are for general information use only. Wells Fargo Securities, LLC does not guarantee their accuracy or completeness, nor does Wells Fargo Securities, LLC assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice, are for general information only and are not intended as an offer or solicitation with respect to the purchase or sales of any security or as personalized investment advice. Wells Fargo Securities, LLC is a separate legal entity and distinct from affiliated banks and is a wholly owned subsidiary of Wells Fargo & Company © 2014 Wells Fargo Securities, LLC.

Important Information for Non-U.S. RecipientsFor recipients in the EEA, this report is distributed by Wells Fargo Securities International Limited (“WFSIL”). WFSIL is a U.K. incorporated investment firm authorized and regulated by the Financial Conduct Authority. The content of this report has been approved by WFSIL a regulated person under the Act. For purposes of the U.K. Financial Conduct Authority’s rules, this report constitutes impartial investment research. WFSIL does not deal with retail clients as defined in the Markets in Financial Instruments Directive 2007. The FCA rules made under the Financial Services and Markets Act 2000 for the protection of retail clients will therefore not apply, nor will the Financial Services Compensation Scheme be available. This report is not intended for, and should not be relied upon by, retail clients. This document and any other materials accompanying this document (collectively, the “Materials”) are provided for general informational purposes only.

Diane Schumaker-Krieg Global Head of Research, Economics & Strategy 704-410-1801212-214-5070 [email protected]

John E. Silvia, Ph.D. Chief Economist 704-410-3275 [email protected]

Mark Vitner Senior Economist 704-410-3277 [email protected]

Jay H. Bryson, Ph.D. Global Economist 704-410-3274 [email protected]

Sam Bullard Senior Economist 704-410-3280 [email protected]

Nick Bennenbroek Currency Strategist 212-214-5636 [email protected]

Eugenio J. Alemán, Ph.D. Senior Economist 704-410-3273 [email protected]

Anika R. Khan Senior Economist 704-410-3271 [email protected]

Azhar Iqbal Econometrician 704-410-3270 [email protected]

Tim Quinlan Economist 704-410-3283 [email protected]

Eric Viloria, CFA Currency Strategist 212-214-5637 [email protected]

Sarah Watt House Economist 704-410-3282 [email protected]

Michael A. Brown Economist 704-410-3278 [email protected]

Michael T. Wolf Economist 704-410-3286 [email protected]

Zachary Griffiths Economic Analyst 704-410-3284 [email protected]

Mackenzie Miller Economic Analyst 704-410-3358 [email protected]

Erik Nelson Economic Analyst 704-410-3267 [email protected]

Alex Moehring Economic Analyst 704-410-3247 [email protected]

Donna LaFleur Executive Assistant 704-410-3279 [email protected]

Cyndi Burris Senior Admin. Assistant 704-410-3272 [email protected]

Dates and times are subject to change at the discretion of each data provider. Wells Fargo Securities, LLC does not guarantee the accuracy or completeness of this economic calendar.

SECURITIES: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE 720740 (12/14)