Despite a shortened week from the Labor Day holiday, there was a heavy slate of economic data with a total of 30 releases.  Half of these came in better than estimates or the prior period’s reading while another 13 missed or weakened. Three indicators were in line with estimates. There was a lot of manufacturing data this week including readings from Markit and the ISM, Factory Orders, Durable Goods, and Capital Goods.  The ISM reading was the most strikingly negative of these as it showed a contractionary reading. The ISM and Markit service counterparts, on the other hand, showed healthier levels, but the Markit PMI did miss estimates.  Labor data also was a major focus this week and the overall results were pretty mixed.  ISM employment, initial jobless claims, and today’s NFP report all disappointed, but the ADP employment change, continuing claims, and labor force participation rate came in stronger than expected.  Similarly, each indicator for wages including quarterly unit labor costs and average earnings showed improvements.

It will be slightly less busy next week with only 24 releases scheduled.  Following up on this week’s labor data, the JOLTS report is due out Tuesday morning and is expected to show fewer job openings than June.  Inflation indicators like PPI,  CPI, and export and import prices make up a considerable portion of next week’s data.  Core estimates for both PPI and CPI are forecasted to show higher price inflation in August.  In addition to preliminary consumer sentiment, on Friday we will also get a reading on retail sales for August.  For both core and headline readings, this indicator is expected to slow significantly MoM compared to July.  Start a two-week free trial to Bespoke Institutional to access our interactive economic indicators monitor and much more.

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