World economy week ahead: US consumer confidence UU., Employment data
World economy week ahead: US consumer confidence UU., Employment data
MONDAY
The US Department of Commerce publishes the personal income and spending figures for Americans for September. Robust spending in the spring helped boost economic growth at its strongest pace in almost four years. Expenditure also boosted gross domestic product growth in the third quarter to 3.5%, which helped offset weak business investment and a drop in US exports. Economists polled by The Wall Street Journal expect consumer spending to rise and revenue to continue to grow steadily in September.
TUESDAY
The Conference Board, based in the United States, publishes consumer confidence data for October. In September, confidence reached a maximum of 18 years, as strong employment growth and a strong economic outlook reinforced Americans' expectations for the future. Economists believe that confidence fell in October.
WEDNESDAY
China will release its official indicator of the country's manufacturing activity. Economists expect the official purchasing managers index to drop to 50.6 in October from September 50.8, which was at least seven months. The new orders reported in the surveys in recent months have been reducing. This points to a deterioration in business confidence among manufacturers towards future operations amid growing trade uncertainties despite export growth still strong so far this year, economists say.
The central bank of Brazil is expected to maintain its Selic reference rate at 6.5%, a historical minimum. The decision of the tariff, which will be announced at 5 p.m. ET, will be the first after a polarized election on Sunday.
FRIDAY
The US Department of Labor publishes its employment report for October. The unemployment rate fell to 3.7% in September, the lowest level since 1969, while average hourly earnings increased 2.8% from the previous year. The weekly dismissal indicator from the Labor Department has remained low in recent weeks, suggesting that the October jobs report could continue to show a tightening of the labor market in the United States. Economists expect the unemployment rate to remain stable and the economy generated 188,000 jobs in October.
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