It may be the busiest week of earnings season, but quarterly reports are not the only catalysts to watch. There is also a heavy slate on the US Economic Scorecard over the next week with 72 releases (including indicator releases, Treasury Auctions, and Federal Reserve member speeches) on the docket. You can always keep an eye on these releases using our Economic Monitors. For today, all of the data is now in with some disappointment. Personal Income and the PCE deflator both missed estimates earlier this morning while the Dallas Fed’s Manufacturing Activity index came in below expectations by the widest margin since September of 2011. Meanwhile, Personal Spending on both a real and nominal basis showed solid improvements while beating estimates. In fact, the nominal number was the strongest MoM print since 2009. Real Personal Spending was also strong with the highest MoM increase since early 2017.
Scheduled for tomorrow is the first quarter’s Employment Cost Index and Conference Board sentiment readings for April in addition to a couple of housing data points. Wednesday morning will see the release of both ISM and Markit manufacturing gauges for the month of April ahead of an FOMC meeting later in the day. While no change in rates is anticipated, this meeting will be followed by comments from Fed Chair Powell which will be closely watched for how the Fed has reacted to more positive tones from economic data in the first quarter. On top of the standard weekly Jobless Claims, preliminary numbers for Nonfarm Productivity and Labor Costs are scheduled for Thursday morning before the open. The Nonfarm Payrolls report is out on Friday after last month’s huge rebound of 196K jobs. There are also a number of speeches on Friday by Fed presidents from around the country. Start a two-week free trial to Bespoke Institutional to access our interactive economic indicators monitor and much more.