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Key Economic Events Of The Coming Busy Week: ISM, ADP, Trade, Producttivity And Jobs, Jobs, Jobs

It's a busy week for the market, and not to mention the Dow Jones-dependent Fed, which will have to parse through reports on Chicago PMI, Construction Spending, ISM (Mfg and Services), ADP, Productivity and Labor Costs, Factory Orders, Trade Balance, and the weekly highlight: Friday's Jobs reports.

  • The key event US this afternoon is the August Chicago PMI along with the ISM Milwaukee and Dallas Fed manufacturing activity reading.
  • It’s a busy early session in Asia on Tuesday with August PMI readings for China and Japan, along with capex spending and vehicles sales data in the latter. The RBA decision is also due in Australia. In Europe on Tuesday we get the final August manufacturing PMI’s for the Euro area, Germany and France, along with unemployment data for the former. In the UK we’ll get mortgage approvals, net consumer credit and the manufacturing PMI. In the US on Tuesday we’ve got ISM manufacturing and prices paid, IBD/TIPP economic optimism survey, construction spending, manufacturing PMI and vehicles sales data all due.
  • We start in Europe on Wednesday when we get Euro area PPI. This is followed up in the US with the ADP employment change reading, nonfarm productivity, unit labour costs, factory orders and the ISM NY. The Fed is also due to release the Beige Book on Wednesday.
  • In Japan on Thursday the August services and composite PMI readings are due. After this in Europe we’ll get French employment indicators, Euro area retail sales and the services and composite PMI’s for the Euro area, Germany, UK and France. The ECB meeting is also due where our colleagues expect the ECB to respond to recent events with verbal intervention. Over in the US on Thursday we’ll get more employment data with Challenger job cuts and initial jobless claims, as well as the final services and composite PMI’s, July trade balance and finally the ISM non-manufacturing print.
  • It’s a busy end to the week on Friday and we start with German factory orders and French consumer confidence. This is before the main event in the US on Friday with the August payrolls reading and associated releases including average hourly earnings, unemployment and labour force participation rate. As well as the data, there will be much focus on Fedspeak with Rosengren due to speak on Tuesday and Lacker on Friday. The two-day G20 finance ministers meeting is also due to start on Friday in Turkey.

For the visual learners, here is BofA's summary table :

Source: Deutsche Bank, BofA