For the week of September 6th (in conjunction with Econoday):
Volume should pick-up a bit this week as summer officially comes to an end. The 4 day trading week is light on news, however. Let’s take a look at what’s on tap:
Monday – Labor Day Holiday
Tuesday – No market moving news
MBA Purchase Applications 7:00 AM ET
ICSC-Goldman Store Sales 7:45 AM ET
Redbook 8:55 AM ET
Beige Book 2:00 PM ET
The Beige Book being prepared for the September 21 meeting will be released. Given that this will be the first notable U.S. economic news in a holiday shortened week with thin trading, markets could react significantly—especially if there is especially positive or negative commentary on sensitive areas such as consumer spending, housing, or hiring.
Consumer Credit 3:00 PM ET
Consumer credit outstanding in June contracted $1.3 billion—but at least it was at a slower pace than in recent months. Credit in May fell $5.3 billion while April dropped a particularly severe $14.9 billion. Simply, the consumer sector is showing weak demand for loans combined with tight bank lending and heavy charge offs by banks.
Consumer credit Consensus Forecast for July 10: -$3.5 billion
BOE Announcement 7:00 AM ET
International Trade 8:30 AM ET
The U.S. international trade gap in June spiked to $49.9 billion from $42.0 billion in May. Exports fell 1.3 percent, following a 2.5 percent gain in May. Overall imports advanced 3.0 percent in June after rising 2.8 percent the month before. The widening of the trade gap was primarily in non-oil. The nonpetroleum deficit widened to $40.0 billion in June from $32.2 billion the prior month. The petroleum goods gap, however, narrowed to $21.2 billion from $21.5 billion in May.
International trade balance Consensus Forecast for July 10: -$46.8 billion
Jobless Claims 8:30 AM ET
Initial jobless claims for the August 28 week declined 6,000 to 472,000 from a revised 478,000 in the prior week. The numbers are still high but still notably below the 2010 peak of 504,000 the week before that. Continuing claims fell 23,000 to 4.456 million in data for the August 21 week. The decline in continuing claims reflects both hiring and unfortunately also the expiration of benefits.
Jobless Claims Consensus Forecast for 9/4/10: 470,000
EIA Natural Gas Report 10:30 AM ET
EIA Petroleum Status Report 11:00 AM ET
Wholesale Trade 10:00 AM ET