Wednesday, September 16, 2015

Thursday: FOMC Announcement, Housing Starts, Unemployment Claims and More

by Bill McBride on 9/16/2015 06:18:00 PM

The focus tomorrow will be on the FOMC announcement, but there is some important data that will be released too ... such as August housing starts and the preliminary annual employment bench mark revision (that is usually very close to final revision).

Thursday:
• At 8:30 AM ET, Housing Starts for August. Total housing starts increased to 1.206 million (SAAR) in July. Single family starts increased to 782 thousand SAAR in July. The consensus for 1.168, down from July.

• Also at 8:30 AM, the initial weekly unemployment claims report will be released. The consensus is for 275 thousand initial claims, unchanged from 275 thousand the previous week.

• At 10:00 AM, the Philly Fed manufacturing survey for September. The consensus is for a reading of 6.3, down from 8.3.

• Also at 10:00 AM, the 2015 Current Employment Statistics (CES) Preliminary Benchmark Revision. From the BLS:

"Each year, the Current Employment Statistics (CES) survey estimates are benchmarked to comprehensive counts of employment from the Quarterly Census of Employment and Wages (QCEW) for the month of March. These counts are derived from state unemployment insurance (UI) tax records that nearly all employers are required to file. ... The final benchmark revision will be issued with the publication of the January 2016 Employment Situation news release in February."
• 2:00 PM: FOMC Meeting Announcement. The FOMC might raise the Fed Funds rate at this meeting.

• 2:00 PM: FOMC Forecasts This will include the Federal Open Market Committee (FOMC) participants' projections of the appropriate target federal funds rate along with the quarterly economic projections.

• 2:30 PM: Fed Chair Janet Yellen holds a press briefing following the FOMC announcement.