10:00 AM ET
Eurozone Consumer Confidence Flash
The Eurozone consumer confidence flash, released by the European Commission, provides an initial estimate of consumer sentiment across Eurozone countries.
Represented as an index, it serves as a gauge of consumer perceptions regarding the economy and their personal financial situations, offering insights into consumer behavior and spending patterns.
A higher consumer confidence index generally correlates with increased consumer spending and economic growth, while a lower index may indicate a more cautious approach, potentially leading to reduced spending and an economic slowdown.
9:45 AM ET
US S&P Manufacturing & Services PMIs
The US S&P Manufacturing and Services Purchasing Managers' Indices are indicators of economic activity, tracking the performance of the manufacturing and services sectors in the United States.
Compiled from monthly surveys of purchasing managers across various industries, these indices provide valuable insights into key business metrics such as output, new orders, employment levels, supplier deliveries, and inventories.
As a diffusion index, a reading above 50 signals sectoral expansion, and a reading below 50 indicates contraction.
The PMI data serves as a reliable barometer of economic health and activity.
The S&P Manufacturing PMI focuses exclusively on the manufacturing sector, while the S&P Services PMI centers on the services sector, encompassing diverse industries such as finance, healthcare, and real estate.
10:00 AM ET
Bank of Canada Interest Rate Decision
The Bank of Canada Interest Rate Decision is a policy announcement by the central bank of Canada that sets the country's official interest rates.
The decision determines whether to raise, lower, or maintain the target for the overnight lending rate.
It's a crucial tool for influencing borrowing costs and economic activity in Canada.
A rate increase is typically used to cool down inflation or to respond to a strong economy, while a rate cut is aimed at stimulating economic growth during periods of economic weakness.
The Bank of Canada's decisions can have a significant impact on lending rates, investment, and consumer spending throughout the Canadian economy.
This announcement is monitored by financial markets, businesses, and policymakers as it can influence the country's economic conditions.
The BoC is widely expected to keep rates unchanged for a 3rd consecutive meeting.
10:30 AM ET
Weekly EIA Crude Oil Inventories
The Weekly EIA Crude Oil Inventories is a regular report published by the US Energy Information Administration that provides data on the current levels of crude oil held in storage in the United States.
It includes information about inventories at various storage facilities, such as commercial tanks, refineries, and pipelines.
This report is used for assessing the supply and demand dynamics in the energy market. Changes in crude oil inventories can influence oil prices, energy markets, and the broader economy.
Analysts, investors, and policymakers monitor this data to gauge trends in oil supply and demand, helping them make informed decisions related to energy markets and economic policy.
8:30 AM ET
The US Gross Domestic Product is an important economic indicator that measures the total monetary value of all goods and services produced within the United States during a specific period. It is usually reported on a quarterly and annual basis. It reflects the size and health of the US economy.
GDP is divided into three main components:
Consumer Spending: Expenditures by individuals and households on goods and services.
Investment: Spending by businesses on capital equipment, structures, and inventories.
Government Spending: Expenditures by federal, state, and local governments on various programs and services.
GDP is used to assess economic growth and is vital for making economic policy decisions and analyzing economic performance. An increase in GDP suggests economic expansion, while a decrease indicates economic contraction. It is a key metric for understanding the overall economic health of a country.
Weekly Initial & Continued Jobless Claims
Initial Jobless Claims reports the number of new claims for unemployment benefits filed by individuals who have recently lost their jobs. It is released weekly and serves as an indicator of layoffs and job loss trends.
Continued Jobless Claims reflects the number of individuals who continue to receive unemployment benefits after their initial claims have been approved. It provides insight into the ongoing unemployment situation. A decrease in continued jobless claims may suggest people are returning to work, while an increase can indicate persistent unemployment.
8:30 AM ET
US PCE Price Index
The US PCE Price Index, or Personal Consumption Expenditures Price Index, is an economic indicator that measures the changes in prices of goods and services purchased by individuals and households.
It is an important gauge of inflation and is used by the US Federal Reserve for policy decisions.
Key differences between the PCE Price Index and the Consumer Price Index (CPI) include:
Coverage: The PCE Price Index includes a broader range of goods and services, reflecting how consumers change their consumption patterns as prices fluctuate. The CPI has a fixed basket of goods and services, which may not adapt as quickly to consumer behavior.
Weighting: The weights assigned to different items in the two indices can vary. The PCE Index may give different weight to certain categories of expenditures, impacting the index's overall inflation rate.
Data Sources: The PCE Price Index uses data from the Bureau of Economic Analysis (BEA), which is based on a larger and more comprehensive dataset than the CPI, which is produced by the Bureau of Labor Statistics (BLS).
Methodology: The two indices use different methodologies and formulas to calculate price changes, which can result in variations in reported inflation rates.
While both the PCE Price Index and CPI are measures of inflation, these differences in coverage, weighting, data sources, and methodology can lead to variations in the reported rates of inflation.
The Federal Reserve often pays closer attention to the PCE Price Index due to its coverage and its use in economic policy decisions, especially the ‘core’ YoY measure, which strips out the volatile food and energy components, which are less affected by monetary policy.
US Consumer Spending
US consumer spending refers to the total expenditures made by individuals and households on goods and services.
It encompasses spending on a wide range of items, including food, clothing, housing, healthcare, entertainment, and more.
Consumer spending is a critical driver of the US economy and is influenced by factors such as income, employment levels, consumer confidence, and economic conditions.
An increase in consumer spending typically indicates economic growth and can contribute to a healthier economy.
It is monitored by economists, policymakers, and businesses as it provides insights into overall economic activity and helps shape economic policy decisions and business strategies.
10:00 AM ET
University of Michigan Sentiment
The University of Michigan Consumer Sentiment Index is a widely watched economic indicator in the United States.
It measures the level of confidence and optimism among American consumers about their personal financial situation and the broader economy.
This index is based on surveys and assesses consumer views on topics like employment, income, inflation, and future economic prospects.
A higher Consumer Sentiment Index suggests that consumers are more optimistic about the economy, which can lead to increased consumer spending and economic growth.
Conversely, a lower index indicates reduced consumer confidence, which may impact spending and economic activity.