Reports to Watch

The week is full of key economic data from a variety of sectors.

• The packed economic calendar begins on Tuesday with Consumer Confidence followed by the Consumer Sentiment Index on Friday.
• On Wednesday, the second reading of Q2 Gross Domestic Product will be released.
• Inflation numbers abound Thursday in the form of Personal Consumption Expenditures along with Personal Income and Personal Spending.
• Also on Thursday, Pending Home Sales will be released.
• Manufacturing data comes from Thursday’s Chicago PMI and Friday’s ISM Index.
• Employment data is plentiful, starting with the ADP National Employment Report on Wednesday, weekly Initial Jobless Claimson Thursday, and Friday’s closely watched and highly anticipated Jobs Report for August, which includes Non-farm Payrolls, Hourly Earnings, Average Workweek and the Unemployment Rate.

X Factor

The big economic event this week will be Friday’s Jobs Report for August, which always carries a big headline risk. The labor market has improved dramatically since the Great Recession.

To put it into perspective, in August 2009 near the height of the recession, 213,000 jobs were lost. For August 2017, it is expected that employers added 185,000 new positions. Job growth has averaged 184,000 per month this year, which is in line with 2016.

Also being released this week is the Fed’s favorite inflation gauge, Core Personal Consumption Expenditures, which excludes volatile food and energy. Federal Reserve members look at the annual rate, which last month fell to 1.5 percent and has been trending below the Fed’s target of 2 percent. The most recent Federal Open Market Committee meeting minutes for July showed that members are growing concerned over low inflation levels. If inflation remains low, it will be tough for the Fed to raise short-term interest rates.

For more detailed information and insight, view the Economic Calendar, the Daily Market Update and Guidance, and our exclusive Market News. And don’t forget, you can easily download the Economic Calendar to your Outlook Calendar to make sure you don’t miss important economic releases. Just click here to read instructions for downloading to Outlook.