GDP, jobless claims, and pending home sales data due Thursday

As traders approach another pivotal day for financial markets, a series of crucial decisions and economic data releases that could sway market dynamics are expected on Thursday, August 29, 2024. The U.S. economic calendar is packed with high-impact releases, including the Gross Domestic Product (GDP) report, Initial Jobless Claims, and Pending Home Sales data, all of which have the potential to influence market sentiment and Federal Reserve policy expectations.

Major Economic Events to Watch:

• 8:30 AM ET – GDP (Q2): Expected 2.8%, Previous 1.4%. The broadest measure of economic activity and primary indicator of the economy’s health.

• 8:30 AM ET – Initial Jobless Claims: Forecast 232K, Previous 232K. Measures new unemployment insurance claims, providing insight into the labor market’s health.

• 10:00 AM ET – Pending Home Sales (MoM): Expected 0.2%, Previous 4.8%. Indicates the change in homes under contract to be sold, excluding new construction.

Other Important Economic Events to Watch:

• 8:30 AM ET – Core PCE Prices (Q2): Forecast 2.90%, Previous 3.70%. Key inflation indicator closely watched by the Federal Reserve.

• 8:30 AM ET – GDP Price Index (Q2): Expected 2.3%, Previous 3.1%. Measures the change in the price of all goods and services included in GDP.

• 8:30 AM ET – Retail Inventories Ex Auto (Jul): Previous 0.2%. Indicates changes in retail inventory levels, excluding automobiles.

• 8:30 AM ET – Goods Trade Balance (Jul): Forecast -$97.70B, Previous -$96.56B. Measures the difference in value between imported and exported goods.

• 8:30 AM ET – Continuing Jobless Claims: Expected 1,870K, Previous 1,863K. Shows the number of unemployed individuals who qualify for unemployment insurance benefits.

• 1:00 PM ET – 7-Year Note Auction: Previous 4.162%. Indicates the yield on 7-year Treasury notes being auctioned.

• 3:30 PM ET – FOMC Member Bostic Speaks. Federal Reserve Bank of Atlanta President’s comments may offer insights into future monetary policy.

• 4:30 PM ET – Fed’s Balance Sheet: Previous $7,194B. Provides details on the Federal Reserve’s assets and liabilities.

• 4:30 PM ET – Reserve Balances with Federal Reserve Banks: Previous $3.359T. Shows the amount of money depository institutions maintain at regional Federal Reserve Banks.

Other Economic Events to Watch:

• 8:30 AM ET – Real Consumer Spending (Q2): Expected 2.3%, Previous 1.5%. Measures inflation-adjusted household spending.

• 8:30 AM ET – GDP Sales (Q2): Forecast 2.0%, Previous 1.8%.

• 8:30 AM ET – PCE Prices (Q2): Expected 2.6%, Previous 3.4%. Measures changes in the prices of goods and services purchased by consumers.

• 8:30 AM ET – Corporate Profits (Q2): Previous -2.7%. Indicates the net current-production income of corporations.

• 8:30 AM ET – Jobless Claims 4-Week Avg.: Previous 236.00K. Provides a smoother trend of initial jobless claims.

• 8:30 AM ET – Wholesale Inventories (Jul): Forecast 0.3%, Previous 0.2%. Measures the change in the total value of goods held by wholesalers.

• 10:00 AM ET – Pending Home Sales Index: Previous 74.3. Provides additional context to the Pending Home Sales data.

• 10:30 AM ET – Natural Gas Storage: Expected 33B, Previous 35B. Measures the change in held in underground storage.

• 11:30 AM ET – 4-Week Bill Auction: Previous 5.240%. Indicates the rate on 4-week Treasury Bills being auctioned.

• 11:30 AM ET – 8-Week Bill Auction: Previous 5.125%. Shows the rate on 8-week Treasury Bills being auctioned.

For further information and the latest updates, please refer to our Economic Calendar, here

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