There is plenty on the economic calendar in the US today:
8.30 am NY time (1230GMT)
Initial unemployment claims
- 238K expected, prior 234K
Personal Income and Outlays (July)
- Income expected 0.3%, prior 0.0%
- Spending expected 0.4%, prior 0.1%
9.45 am NY time (1345GMT)
Chicago PMI (August), expected 58.5, prior 58.9
10 am NY time (1400GMT) Pending Home Sales Index for June
Personal Income & Spending previews ...
Barclays:
- We forecast nominal personal income to have increased by 0.3% m/m in July, driven by a similar increase in wages and salaries and proprietors' and rental incomes.
- We look for consumption to have expanded 0.4% m/m in both nominal and real (inflation-adjusted) terms.
- On the inflation side of the report, we expect the headline PCE price index to have increased by 0.1% on the month (1.4% y/y) and core PCE to have risen by 0.1% m/m (1.4% y/y).
HSBC:
- We estimate personal income rose 0.3% m-o-m in July.
- We expect that personal spending rose 0.4% in nominal terms and 0.3% in inflation-adjusted terms.
- We estimate the total PCE price index rose 0.1% m-o-m, leaving the y-o-y rate unchanged at 1.4%. We estimate the core PCE price index also rose 0.1% m-o-m. The y-o-y rate could slip to 1.4% in July from 1.5% in June.
