Daily Comments
US data due out today: labor market and non-manufacturing sector
03.09.2010 16:38:00 Natalia Asedova, Analyst, Global Markets (Finam)
On Friday September 3, a number of closely watched macroeconomic data are scheduled for release, i.e. nonfarm payrolls, and also data on the non-manufacturing sector.
Four August indicators are due out at 12:30 sharp, which will give quite a clear picture of the US employment market:
- the unemployment rate is expected to rise from 9.5% to 9.6%, while this metric fell 0.1% last month; - the average length of the work week in August is likely to remain unchanged at the previous level of 32.2 hours, in our opinion; - the average hourly wage is estimated to rise 0.1% compared to a 0.2% increase in July; - as for employment in the non-farm sector, here we expect to see a m-o-m decline, albeit a slight one. Thus, the number of persons employed in the non-farm sector of the US could decrease by 100,000 vs. 131,000 in July.
At 14:00 GMT we await ISM’S economic data for the non-manufacturing industries. The index is expected to drop to 53.5 in August from 54.3 points registered the month before.
Quarterly earnings reports due out today include Campbell Soup, August sales data on Walgreen pharmacy chain and supplier of industrial goods and construction materials Fastenal (no time given).
By 10:03 GMT S&P index futures were trading up 0.11%, while the DJIA was 0.23% higher.
