|
(CEP News)- Markets will be eager to receive second quarter Canadian GDP figures, which are expected to show a 0.1% rise following a 0.1% decline from the previous month. In the U.S., markets will be focused on the Commerce Department's personal income and spending report for July as well as the Chicago Purchasing Managers index for August.
Eric Lascelles, chief economic strategist from TD Securities, does not rule out the possibility that Canada's second quarter GDP data could tumble. "There are considerable risks underlying this report, with a non-trivial chance that Q2 GDP could be outright negative, which would make for a second-consecutive quarter of negative GDP in Canada," he wrote. "This would fulfill a popular definition of a 'recession', and no doubt result in much hand-wringing." In the U.S., markets will receive more inflation data with the release of the July PCE report, including personal income and spending. Economists say they will also be watching the inflation data contained in the report, which is expected to rise at a continued robust pace. Core PCE is expected to remain unchanged at 0.3% in July while the annualized rate is also expected to tick up to 2.4% following June's increase of 2.3%. The week also ends with more regional manufacturing data from the U.S., including the ISM Chicago PMI and the NAPM Milwaukee surveys. The NAPM survey is expected to stay at a reading of 44 while the Chicago ISM is forecast to slip to a reading of 50 for the month of August from 50.8 in July. The University of Michigan/Reuters consumer sentiment survey's final reading for August is expected to climb to 62 after edging up to 61.7 in the preliminary reading. All times in EDT. 8:30 CA Industrial Product Price (M/M) July Exp: +0.7% Prior: +1.3% 8:30 CA Raw Materials Price Index (M/M) July Exp: +0.2% Prior: +4.4% 8:30 CA Gross Domestic Product (M/M) June Exp: +0.1% Prior: -0.1% 8:30 CA Quarterly GDP Annualized Q2 Exp: +0.6% Prior: -0.3% 8:30 US Personal Income July Exp: -0.2% Prior: +0.1% 8:30 US Personal Spending July Exp: +0.2% Prior: +0.6% 8:30 US PCE Deflator (Y/Y) July Exp: +4.5% Prior: +4.1% 8:30 US PCE Core (M/M) July Exp: +0.3% Prior: +0.3% 8:30 US PCE Core (Y/Y) July Exp: +2.4% Prior: +2.3% 9:45 US Chicago Purchasing Manager August Exp: 50.0 Prior: 50.8 10:00 US U. of Michigan/Reuters Confidence August Final Exp: 62.0 Prior: 61.7 10:00 US NAPM-Milwaukee August Exp: 44 Prior: 44 By Steve Stecyk,
This email address is being protected from spam bots, you need Javascript enabled to view it
, edited by Stephen Huebl,
This email address is being protected from spam bots, you need Javascript enabled to view it
CEP Newswires - CEP News © 2008. All Rights Reserved. www.economicnews.ca The Copying, Broadcast, Republication or Redistribution of CEP News Content is Expressly Prohibited Without the Prior Written Consent of CEP News. A copy of CEP News disclaimer can be found at http://www.economicnews.ca/cepnews/wire/disclaimer. |
