We’ll get a number of important U.S. economic releases this week including new reports on construction spending, manufacturing PMI, light vehicle sales, trade, factory orders, and the big jobs report for August. The consensus forecast is that nonfarm payrolls grew by around 170,000 last month while the unemployment rate remained at a low 3.7 percent.
The Federal Reserve also releases its Beige Book on current economic conditions, while Fed officials including Fed chair Jay Powell, New York Fed president John Williams, Boston Fed president Eric Rosengren, and St Louis Fed president James Bullard are all scheduled to deliver speeches this week. Overseas, we’ll get manufacturing PMI numbers for Germany, France, the U.K., and the euro zone, while Brexit remains squarely in focus in Europe. The Financial Times reports, “Parliament will return on Tuesday amid calls for a no-confidence vote after the prime minister provoked a constitutional uproar last week with plans to shut down parliament for five weeks — widely seen as a measure to thwart MPs’ efforts to stop a no-deal Brexit on October 31.” The possibility of a no-deal Brexit continues to weigh heavily on the British pound. Have a great week and don’t miss next week’s Market Report for a recap of the week’s key economic, commodity and scrap market highlights!