MONDAY: The U.S. Commerce Department will issue its estimates of personal incomeand consumer spending for July. The report will be closely watched because it will present the latest reading of the personal-consumption expenditures price index, the Federal Reserve’s preferred gauge of inflation. With little signs of inflation picking up, by this measure, Fed policy makers have had the latitude to refrain from raising interest rates this year. Another soft inflation reading, with prices rising just 0.1% for the month, is expected.
TUESDAY: The European Commission releases its August measure of business and consumer confidence. The initial estimate of EU consumer confidence showed the measure remained broadly stable in August and above its long-term average. Tuesday’s report will shed more light on how well Europe is coping in the second full month post-Brexit.
WEDNESDAY: Eurostat releases its July measure of unemployment for the eurozone. Euro area unemployment fell to 10.1% in June, from 11% a year earlier. Any further progress could help unemployment fall below the 10% threshold for the first time in six years.
THURSDAY: The first day of September means the release of global manufacturing data for August, from closely watched gauges like the Institute for Supply Management index in the U.S. and the Caixin Purchasing Managers Index in China (to be released Wednesday night EDT). An early gauge of China’s factories in August showed manufacturing slumped to its lowest level since 2009. Data for the U.K. will reflect if the fall in the value of the pound is helping British manufacturers weather the disruption from Brexit.
FRIDAY: The U.S. Labor Department’s jobs report for August will be the last major piece of labor-market data before the Federal Reserve gathers for its September meeting. Economist expect the economy to add around 180,000 jobs, down from 255,000 last month but still a solid reading. They estimate the unemployment rate will decline to 4.8%, from 4.9% last month. A strong report could bolster the case for the Fed to raise interest rates.
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