As we enter the late innings of the third-quarter earnings season, eyes are on the upcoming release of October inflation data. Additionally, budget wrangling in Congress as the deadline to avoid a federal government shutdown looms.
A Closer Look at Economic Data
The highlight on the economics calendar this week is the release of the October Consumer Price Index by the Bureau of Labor Statistics. Economists predict a 3.3% increase compared to the previous year. On Wednesday, the BLS will also report the Producer Price Index.
Other key economic data to watch for this week includes the National Federation of Independent Business' Small Business Optimism Index for October on Tuesday, retail sales numbers from the Census Bureau for October on Wednesday, and various housing-market indicators on Thursday and Friday.
Key Events
Monday 11/13
- Tyson Foods will be reporting their fourth-quarter fiscal 2023 results.
Tuesday 11/14
- Home Depot and On Holding will be announcing their earnings.
- The Bureau of Labor Statistics is set to release the Consumer Price Index for October. Economists anticipate a 3.3% year-over-year increase, following a 3.7% rise in September. The core CPI, which excludes volatile food and energy prices, is expected to remain unchanged at 4.1% from September.
- The National Federation of Independent Business will release its Small Business Optimism Index for October. Analysts are expecting a reading of 90.5, relatively consistent with September's figure.
Wednesday 11/15
- Quarterly results will be announced by Cisco Systems, Palo Alto Networks, Target, and TJX Cos.
Stay tuned for these key events and economic updates as they unfold throughout the week.
President Joe Biden to Meet with China's President Xi Jinping
President Joe Biden is scheduled to meet with China's President Xi Jinping during the upcoming Asia-Pacific Economic Cooperation summit in the San Francisco Bay Area. The purpose of this meeting is to work towards stabilizing the relationship between the two largest economies in the world.
Retail Sales Data for October
The Census Bureau will be releasing retail sales data for the month of October. Based on consensus estimates, it is expected that there will be a decline of 0.4% in consumer spending compared to the previous month. Excluding auto sales, a smaller decrease of 0.2% is anticipated. It is worth noting that September saw increases of 0.7% and 0.6% respectively.
Producer Price Index Update
The Bureau of Labor Statistics (BLS) will be releasing the producer price index (PPI) for the month of October. It is projected that there will be a year-over-year increase of 1.9%, which is three-tenths of a percentage point lower than previously expected. The core PPI, which excludes food and energy, is expected to remain unchanged from September at 2.7%.
Thursday 11/16
On Thursday, there will be conference calls discussing earnings for Alibaba Group Holding, Applied Materials, Ross Stores, Walmart, and Warner Music Group.
Additionally, the National Association of Home Builders will release its Housing Market Index for the month of November. Economists forecast a reading of 40, which matches the data from October. It is important to note that the index has seen a decline from 56 just three months ago and is currently at its lowest level since January.
Friday 11/17
The Census Bureau will report new residential statistics for the month of October. It is expected that there will be a seasonally adjusted annual rate of 1.34 million privately owned housing starts, which is approximately 20,000 less than previously estimated.
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