Weekly calendar 08/08-08/12/2016
The “A” List
- Michigan sentiment (F). Good read on jobs and spending.
- Retail sales (F). Consumer spending remains as a key factor for economic growth.
- Initial claims (Th). The best concurrent indicator for employment trends.
The “B” List
- Wholesale inventories (T). Volatile June data, but an important part of gauging GDP.
- Business inventories (F). More June data with implications for GDP adjustments.
- JOLTS report (W). Important to understand labor market structure – not job growth.
- PPI (F). This will become important after a few hot months – but not yet.
- Crude inventories (W). Often has a significant impact on oil markets, a focal point for traders of everything.
The big story will still be corporate earnings. We have a little FedSpeak. Expect questions to focus on whether a policy change is more likely after the employment report. Don’t expect much new information before Yellen’s Jackson Hole speech. More politics, of course, but without a clear implication for markets.
Next Week’s Theme
Markets seem to have digested the Brexit story, and surprisingly shrugged off the terrorist violence. The economic data have quieted recession worries, and even turned positive. In the slow summer trading I expect more attention to analyzing earnings. Everyone will be asking:
