Here are some of the important economic data that will be the focus of the market throughout this week.
TUESDAY (September 3, 2024)
US Manufacturing PMI Data ISM Outlook (10.00 PM) – Investors will be looking at the outlook for the US manufacturing sector for August after the previous month's reading saw a sharp contraction. A slow recovery in numbers is expected, but still remains below the 50 point level.
WEDNESDAY (September 4, 2024)
Australian GDP data (9.30am) – Australian economic growth for the second quarter of 2024 is forecast to slow to 0.2%. A lower reading could pressure the central bank to ease monetary policy to revive current economic activity.
Central Bank of Canada Meeting (9.45 PM) – Ignoring other central banks that are still holding off and being cautious, the Bank of Canada is expected to continue to cut interest rates for the third time in a row. Rates are expected to drop to 4.25% at the latest meeting.
JOLTS Employment Data (10.00 PM) – Being one of the components of the employment data examined, the number of job offers opened in America last July will be observed. The expected low forecast number will strengthen expectations for the Federal Reserve to lower interest rates at its September meeting.
THURSDAY (September 5, 2024)
US ADP Jobs Data (8.15 PM) – Private employment growth in America for August is expected to be better after the previous month's report showed a lower-than-forecast increase. This data will be an early indicator ahead of the jobs report at the end of the week.
US Services PMI data ISM Survey (10.00 PM) – As the country's economy is based on service activities, the outlook on this sector will have a big impact on the market. The survey figures forecast for August are likely to decline, but remain above the 50-point level.
FRIDAY (September 6, 2024)
Canada Jobs Data (8.30 PM) – Canada is expected to add around 25,600 jobs in August after the economy lost 2,800 jobs in the previous month. The unemployment rate is predicted to increase from 6.4% to 6.5%.
US NFP Jobs Data (8.30pm) – Ahead of the highly anticipated September meeting, the key indicators will first focus on the US jobs report for August. Growth is expected to rise, as is average income. The unemployment rate is forecast to drop to 4.2%. A good overall report could change the perception of the central bank from the current expectations regarding interest rate cuts.
