Introduction
This week in the United States, there will be a keen focus on new data related to the labor market, alongside earnings reports from various retailers and the latest information on inflation.
Job Openings and Labor Turnover Survey
On Tuesday, the highly anticipated results of the July Job Openings and Labor Turnover Survey will be published by the Bureau of Labor Statistics. Economists predict that job openings will remain relatively stable compared to the previous month.
Nonfarm Payrolls and Unemployment Rate
Expected to be announced on Friday, the BLS will disclose the number of nonfarm payrolls gained in August, with estimates standing at around 175,000. This figure indicates a modest deceleration compared to the prior month. Moreover, experts forecast that the unemployment rate will remain unchanged at 3.5%. Additionally, analysts anticipate a 0.4% month-over-month increase in average hourly earnings, mirroring the pace seen in July.
Other Economic Data
Throughout the week, we can also anticipate a few other noteworthy economic updates. The Consumer Confidence Survey for August, organized by the Conference Board, will be released on Tuesday. On Thursday, the Bureau of Economic Analysis will share data on personal income and expenditures for July. Economists expect to observe a 0.3% rise in income and a 0.7% increase in spending for that month. Furthermore, the core personal-consumption expenditures price index, which is the Federal Reserve's preferred inflation measure, is projected to exhibit a 4.2% year-over-year increase.
Key Dates and Events
Let's take a closer look at some important dates and events happening this week:
Monday, 8/28
- The Federal Reserve Bank of Dallas will unveil its Texas Manufacturing Outlook Survey for August.
- BYD will announce its results, according to FactSet.
Tuesday, 8/29
- Quarterly earnings reports are expected from NIO, Best Buy, Hewlett Packard Enterprise, HP Inc., Box, and J.M. Smucker.
- The Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey.
Market Updates for the Week
S&P CoreLogic will release its Case-Shiller National Home Price Index on Tuesday. Economists predict that home prices in 20 large U.S. metropolitan areas rose by 1.1% in June compared to May. This estimate reflects a 1.3% cooldown from June 2022. While home prices are anticipated to be lower compared to last year, they have been gradually increasing in recent months after experiencing a decline in late 2022.
On Wednesday, the Conference Board will release its Consumer Confidence Index for August. This report offers valuable insights into the overall consumer sentiment and can serve as an indicator for economic trends.
Upcoming Earnings Reports:
Several companies are expected to announce their financial results on Wednesday, including Salesforce, Okta, Pure Storage, Five Below, Chewy, and Brown-Forman.
On Thursday, Broadcom, Dollar General, Campbell Soup, and Ollie's Bargain Outlet will be reporting their earnings.
The Institute for Supply Management will also release its Chicago Business Barometer for August on Thursday. This data provides valuable information about the economic conditions and business activity in the Chicago area.
Jobs Friday:
Friday will be an eventful day due to the highly anticipated release of the jobs report. Economists predict that the U.S. economy added 172,500 jobs in August, which is slightly lower than the 187,000 jobs added in July. This report from the Bureau of Labor Statistics will be crucial in shaping the Federal Reserve's interest-rate decision during the upcoming Federal Open Market Committee meeting scheduled for September 19-20.
Additionally, The Census Bureau will report construction spending for July on Friday.
