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Next week is light on both corporate earnings and economic data, but there are some economic numbers to watch.
On Monday, IHS Markit releases its July Service Procurement Manager Index for July and its Composite Global PMI, while the Institute for Supply Management releases its non-manufacturing PMI.
On Tuesday, the Bureau of Labor Statistics will release data from the May job vacancy and staff turnover survey (JOLTS), while the producer price index will be released on Friday.
Monday 7/6
The Institute for Supply Management releases its June non-manufacturing purchasing managers index. Economists forecast a reading of 54.5, a return above the expansive level of 50 after two months below, as almost the entire country has reopened to some degree. Before April’s 41.8 figure, the index had more than 10 consecutive years of monthly readings above 50.
The United States Senate the two-week recess continues through July 17. There is growing support for a new round of fiscal stimulus when the chamber reconvenes, as the improved unemployment benefits under the Care Act will expire in late July.
Tuesday 7/7
Levi Strauss and Paychex report quarterly results.
The reserve bank Australia announces its monetary policy decision. The central bank is expected to maintain its target cash rate at a record low of 0.25%, as the country is likely to be enduring its first recession, as defined by two consecutive quarters of contraction of gross domestic product, in nearly three decades. GDP for the March quarter was negative 0.3%, and Australian Treasurer Josh Frydenberg said that second quarter GDP will be worse.
The work office Statistics publishes its Survey of vacancies and staff turnover for May. The consensus estimate is 4.9 million job openings on the last business day of May, down from five million in April. In February, before the economy suffered the effects of the Covid-19 pandemic, the total was seven million.
Wednesday 7/8
Bed Bath & Beyond and MSC Industrial Direct make conference calls to discuss earnings.
Costco Wholesale reports June sales results.
The Federal reserve publishes consumer credit data for May. Forecasters expect pending consumer credit to decline for the third consecutive month, albeit at a much slower rate, to $ 4.1 trillion. In April, consumer credit decreased at a seasonally adjusted annual rate of 19.6% since March, the fastest rate since 1943. Revolving credit, like credit cards, plummeted to a record 64.9% in April, as American consumers were trapped in their homes. This also led to a high personal savings rate of all time as a percentage of personal disposable income of 32.2% in April.
Thursday 7/9
DOL Reports Initial Unemployment Applications for the week ending July 4. A total of 48.7 million Americans have applied for unemployment benefits since the United States began closing.
Walgreens Boots Alliance reports third quarter fiscal results.
Friday 7/10
The work office Statistics release their producer price index for June. The consensus estimate is for a monthly gain of 0.4%, which would coincide with the increase in May. The core PPI, which excludes volatile food and energy prices, is expected to rise 0.1%, after falling 0.1% in May.
Write to Matthew C. Klein at [email protected]
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