We are kicking off October with a relatively light few days on the economic data front. Overnight, Manufacturing and Service PMIs were released alongside Retail Sales for multiple countries including Germany, Italy, Switzerland, France, and the UK. Japan’s quarterly Tankan business surveys were updated with most series missing expectations.
Back home this morning, the US Manufacturing PMI for September came in right in line with expectations. ISM Manufacturing and Prices Paid were released shortly after and both came in below expectations. After no releases tomorrow, Wednesday will round out the ISM and PMI releases with the services portion of both indicators.
On Friday, we will see if the labor market continues its hot streak when Nonfarm Payrolls for September hits the tape. Payrolls and U3 unemployment are estimated to decline once again while hours are expected to go unchanged. Average hourly earnings are predicted to see a slight downtick in YoY growth. See the table below for the rest of the upcoming US data releases this week.
