A busy start of month week here, in the US and globally to go with the continuing COVID-19 infections and the start of the US November 3 presidential and congressional elections as well as the start of month surveys on manufacturing activity across the globe including China, Australia, Europe, and the US.
Australia’s deluge of data and reports is covered in a separate story – it’s going to be a big week here and offshore.
There’s the RBA meeting tomorrow, the June quarter GDP on Wednesday, data releases on house prices, business indicators, government finance, and current account reports for the June quarter, car sales for August and the final day or two of the June quarter’s reporting season. There’s also July retail sales, trade and building approvals.
The major global release of the week comes from the US on Friday with the August jobs report, a day after the latest jobless claims data is issued.
Besides the survey results from manufacturing later today, midweek sees the release of similar surveys of non-manufacturing or service sector activity.
The US jobs and unemployment data for August should show a rate easing to around 9.9% (from 10.2% in July), with 1.5 million jobs filled, according to most forecasts.
America’s surveys of manufacturing and non-manufacturing will show both sectors solid and still expanding.
US car sales data for August will be released Tuesday and Wednesday while major events on Wall Street tonight, our time will see shares in Apple and Tesla split and a revamp of the key Dow index (see separate story).
In the Eurozone, there’s August core inflation (forecast to have fallen to around 0.8% year on year) and July unemployment forecast to rise again from 7.8% with both to be released tomorrow, according to the AMP’s chief economist, Shane Oliver.
Japan’s industrial production figures will be released Monday and jobs data will be released Tuesday, but the big story in Japan is who will be the new Prime mInster after PM Abe’s retirement on Friday because of bad health.
China’s two surveys of manufacturing – today for the government release and tomorrow for the private survey from Caixin are expected to show the economy is still growing slowly.