It was a busy week in economic data with 33 releases out of the US. Of these 33, only 10 beat estimates or the previous period’s reading while about half came in worse than expected. Manufacturing data kicked this week off with Markit Manufacturing PMI coming in slightly below estimates and the ISM Manufacturing Index saw a healthy beat, although prices paid missed big. Tuesday had no scheduled releases. Wednesday only saw mortgage applications and the Fed’s Beige Book release as all other releases were postponed or canceled due to the observance of President George H.W. Bush’s funeral. Things picked up with a busy end to the week. Thursday we saw the counterparts to Monday’s releases with Markit Services PMI and ISM Non-manufacturing index both coming in strong. The week concluded with a weaker Nonfarm Payrolls report indicating a slowdown of an extremely hot labor market.
Next week will be a bit lighter but still busy economic slate. The JOLTS report will start off the week as the only indicator on Monday. Tuesday we will get small business optimism data as well as producer prices which are both expecting downticks. Consumer prices will follow up on Wednesday with the Treasury’s monthly federal government budget statement coming later in the day. Import and export price indices come out on Thursday alongside jobless claims, which has now seen multiple weeks of increases off historic lows. It will be an end loaded week with retail sales, industrial production, capacity utilization, preliminary Markit PMIs, and inventories all releasing Friday morning.