Snapshot: The Upcoming Week’s Highlights
This week, the spotlight is on the potential government shutdown and critical updates concerning the labor market. Stay ahead with detailed insights on crucial economic reports and the earnings from significant market players like Constellation Brands and Levi Strauss.
Key Takeaways
- A government shutdown could be imminent unless Congressional leaders finalize last-minute spending bills before Sept. 30 ends.
- Reports on the labor market will be in focus, including JOLTS for August, ADP’s National Employment Report, and September’s nonfarm payrolls.
- Constellation Brands and Levi Strauss will announce earnings this week.
Key Takeaways
- A government shutdown could be imminent unless Congressional leaders finalize last-minute spending bills before Sept. 30 ends.
- Reports on the labor market will be in focus, including JOLTS for August, ADP’s National Employment Report, and September’s nonfarm payrolls.
- Constellation Brands and Levi Strauss will announce earnings this week.
Week of October 2 Detailed Events
Monday, October 2:
- S&P Global Manufacturing PMI – Final Reading (September)
- ISM Manufacturing PMI (September)
- Construction Spending (August)
Tuesday, October 3:
- McCormick & Company (MKC), Cal-Maine Foods Inc. (CALM), and Novagold Resources Inc. (NG) report earnings
- Job Openings and Labor Turnover Survey (JOLTS) (August)
- IBD/TIPP Economic Optimism Index (October)
- LMI Logistics Managers’ Index (September)
Wednesday, October 4:
- RPM International Inc. (RPM), Acuity Brands Inc. (AYI), and Helen of Troy Ltd. (HELE) report earnings
- ADP National Employment Report (September)
- S&P Global Services PMI – Final Reading (September)
- ISM Services PMI (September)
- Factory Orders (August)
Thursday, October 5:
- Constellation Brands (STZ), Lamb Weston Holdings (LW), ConAgra Brands (CAG), and Levi Strauss & Co. (LEVI) report earnings
- Challenger, Gray & Christmas Job Cuts (September)
- U.S. Trade Balance (August)
Friday, October 6:
- U.S. Nonfarm Payrolls (September)
- Consumer Credit Report (August)
Labor Market Outlook
Significant updates are expected on the labor market, with a special focus on the August JOLTS on Tuesday. ADP’s report on Wednesday will provide insights into private sector payrolls, setting the tone for the all-important nonfarm payrolls data on Friday. The Fed’s recent rate hikes have put some pressure on hiring, even as the job market remains robust.
A Potential Government Shutdown
The chances of a government shutdown are increasing as Congress struggles to agree on spending bills before the end of September. Such a shutdown would affect many, from furloughed government workers to federal aid programs and national parks. Economists, such as those at Goldman Sachs, predict a significant economic impact, with each week of the shutdown potentially reducing GDP growth by 0.2%. Data-releasing agencies would also be impacted, potentially leaving the Federal Reserve in the dark during their upcoming FOMC meeting on Oct. 31.
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