Economy

Global Economy Week Ahead: U.S. Consumer Confidence, Jobs Data

Key economic reports next week include the U.S. jobs report for October.

MONDAY

The U.S. Commerce Department publishes Americans’ personal income and spending figures for September. Robust spending in the spring helped power economic growth to its strongest pace in nearly four years. Spending also propelled gross domestic product growth in the third quarter to 3.5%, helping to offset weak business investment and a drop in U.S. exports. Economists surveyed by The Wall Street Journal expect consumer spending ticked up and income continued to grow at a steady rate in September.

What’s News

A digest of the day’s most important news to watch, delivered to your inbox.

The U.S.-based Conference Board releases October consumer confidence data. In September, confidence hit an 18-year high, as robust job growth and a strong economic outlook bolstered Americans’ expectations for the future. Economists think confidence fell in October.

WEDNESDAY

China will release its official gauge of the country’s factory activity. Economists expect the official purchasing managers index to edge lower to about 50.6 in October from September’s 50.8, which was a seven-month low. New orders reported in the surveys in recent months have been shrinking. This points to deteriorating business confidence among manufacturers toward future operations amid rising trade uncertainties despite still-solid export growth so far this year, economists say.

Brazil’s central bank is widely expected to keep its benchmark Selic rate on hold at 6.5%, a historic low. The rate decision, to be announced at 5 p.m. ET, will be the first after a polarized election on Sunday.

FRIDAY

The U.S. Labor Department publishes its employment report for October. The jobless rate fell to 3.7% in September, the lowest level since 1969, while average hourly earnings rose 2.8% from the prior year. The Labor Department’s weekly layoff gauge has remained low in recent weeks, suggesting the October jobs report could continue to show the U.S. labor market tightening. Economists expect the unemployment rate held steady and the economy churned out 188,000 jobs in October.

[“source=ndtv”]

About the author

Loknath Das

Powered by themekiller.com anime4online.com animextoon.com