As traders prepare for another important day for financial markets, a series of important decisions and economic data releases that could sway market trends are expected on Thursday, August 29, 2024. The US economic calendar is packed with impactful releases that could affect market sentiment and Federal Reserve policy expectations, including the Gross Domestic Product (GDP) report, initial jobless claims, and pending home sales data.
Major economic events to watch:
• 8:30 a.m. ET – GDP (Q2): 2.8% expected, 1.4% last. The broadest measure of economic activity and a key indicator of the economy’s health.
• 8:30 a.m. ET – Initial Jobless Claims: 232,000 forecast, 232,000 last. Measures the number of initial jobless claims and provides insight into the health of the labor market.
• 10 a.m. ET – Pending Home Sales (m/m): Expected 0.2%, last 4.8%, reflecting the change in homes under contract that are scheduled for sale, excluding new homes.
Other important economic events to watch:
• 8:30 a.m. ET – Core PCE Price (Q2): 2.90% expected, 3.70% last. A key inflation indicator closely watched by the Federal Reserve.
• 8:30 a.m. ET – GDP Price Index (Q2): 2.3% expected, 3.1% last. Measures the change in prices of all goods and services included in GDP.
• 8:30 AM ET – Retail Inventories Excluding Automobiles (July): 0.2% compared to the previous day. This represents the change in retail inventory levels excluding automobiles.
• 8:30 AM ET – Goods Trade Balance (July): Estimated -97.7 billion, last -96.56 billion. Measures the difference in value between goods imported and goods exported.
• 8:30am ET – Continuing Jobless Claims: 1,870K expected, 1,863K last. This indicates the number of unemployed people eligible for unemployment insurance benefits.
• 1:00 PM ET – 7-Year Treasury Note Auction: Last 4.162%. This represents the yield on the 7-year Treasury note being auctioned.
• 3:30 PM ET – FOMC member Bostic speaks. The Atlanta Fed president’s comments may provide insight into future monetary policy.
• 4:30 PM ET – Federal Reserve Balance Sheet: $719.4 billion last month, detailing the Federal Reserve’s assets and liabilities.
• 4:30 PM ET – Federal Reserve Bank Reserve Balance: Last recorded at $3.359 trillion, showing how much money depository institutions have on hold at their local Federal Reserve Banks.
Other economic events to watch:
• 8:30 a.m. ET – Real Consumer Spending (Q2): 2.3% expected, 1.5% last. Measures household spending after adjusting for inflation.
• 8:30 AM ET – GDP Sales (Q2): Expected 2.0%, Previous 1.8%.
• 8:30 a.m. ET – PCE Price (Q2): Expected 2.6%, Previous 3.4%. Measures changes in prices of goods and services that consumers buy.
• 8:30 AM ET – Corporate Profits (Q2): -2.7% last time. Shows the net current production profits of companies.
• 8:30am ET – Jobless claims 4 week average: last 236.00K. Showing a smoother trend in initial jobless claims.
• 8:30 a.m. ET – Wholesale Inventories (July): 0.3% expected, 0.2% last. Measures the change in the total value of goods held by wholesalers.
• 10 a.m. ET – Pending Home Sales Index: Last at 74.3. Provides additional context on the pending home sales data.
• 10:30 a.m. ET – Natural gas storage: 33 billion expected, last 35 billion. Measures the change in the amount stored in underground storage.
• 11:30 AM ET – 4-Week Treasury Note Auction: Last 5.240%. This represents the interest rate on the 4-week Treasury notes being auctioned.
• 11:30 AM ET – 8-Week Treasury Note Auction: Last 5.125%. This represents the interest rate on the 8-week Treasury notes being auctioned.
For more information and the latest updates, please visit our economic calendar: https://www.investing.com/economic-calendar/
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