by Calculated Risk on 9/03/2011 02:31:00 PM
Saturday, September 03, 2011
• Summary for Week ending September 2nd (with plenty of graphs)
The key economic releases this week are the July trade balance report on Thursday, and the August ISM non-manufacturing index on Tuesday.
On Thursday, President Obama will address a joint session of Congress regarding the economy and jobs. Also on Thursday, Fed Chairman Ben Bernanke will speak on the economic outlook. The Fed's Beige Book, to be released on Wednesday, should provide some discussion of the recent economic weakness.
Labor Day: All US markets will be closed in observance of the Labor Day holiday.
10:00 AM: ISM non-Manufacturing Index for July. The consensus is for a decrease to 50.5 in August from 52.7 in July.
This graph shows the ISM non-manufacturing index (started in January 2008) and the ISM non-manufacturing employment diffusion index. The July ISM Non-manufacturing index was at 52.7% and the employment index decreased to 52.5% in July.
1:10 PM: Minneapolis Federal Reserve Bank President Narayana Kocherlakota speaks at the University of Minnesota
7:00 AM: The Mortgage Bankers Association (MBA) will release the mortgage purchase applications index. This index has been very weak over the last several months and the four average was at the lowest level since 1995 last week.
10:00 AM: Job Openings and Labor Turnover Survey for July from the BLS.
This graph shows job openings (yellow line), hires (purple), Layoff, Discharges and other (red column), and Quits (light blue column) from the JOLTS.
In general job openings (yellow) has been trending up - and job openings increased slightly again in June - and were up about 16% year-over-year compared to June 2010.
2:00 PM: Fed's Beige Book. This is an informal review by the Federal Reserve Banks of current economic conditions.
4:00 PM: San Francisco Fed President John Williams speaks to the Seattle Rotary Club on the economic outlook.
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for an increase to 410,000 from 409,000 last week.
8:30 AM: Trade Balance report for July from the Census Bureau.
This graph shows the monthly U.S. exports and imports in dollars through June 2011.
The consensus is for the U.S. trade deficit to delcine to $51.0 billion, down from $53.1 billion in June.
1:30 PM: Fed Chairman Ben Bernanke speaks on "The U.S. Economic Outlook", At the Economic Club of Minnesota Luncheon, Minneapolis, Minnesota
3:00 PM: Consumer Credit for July. The consensus is for a $6.0 billion increase in consumer credit.
7:00 PM: President Obama will address a joint session of Congress regarding the economy and jobs.
10:00 AM: Monthly Wholesale Trade: Sales and Inventories for July. The consensus is for a 0.8% increase.
11:30 AM: San Francisco Fed President John Williams speaks at Asian Banking Symposium.