9 Important Economic Data News This Week's Market Focus (August 28 – Sept 1, 2023)

Here are some of the important economic data that will be the focus of the market throughout this week.

US Consumer Confidence Data (Tuesday 10:00 PM): A household survey that assesses the current state of the economy in America will provide an overview of spending and the pace of economic activity. A declining number reading gives a bad sign and can weaken the movement of the US dollar.

Australian Inflation Data (Wednesday 9.30am): Australia’s consumer price index is expected to maintain its downward trend with annual inflation forecast down to 5.2% for July from 5.4% previously.

US ADP Employment Data (Wednesday 8.15pm): The private employment sector in America is forecast to record weaker growth for July. Investors will evaluate the NFP report as a negative signal.

US GDP data (Wednesday 8.30pm): After the first reading was released last month, this is the second reading for US economic growth for the second quarter of 2023. No change is expected, but if there is a difference in numbers compared to the previous reading it will have an impact on the US dollar currency .

China Manufacturing & Services PMI data (Thursday 9.30 AM): As the world’s second largest economy, key sectors in China will be scrutinized that could drive changes in the current sentiment of global markets. As was the case in Europe and America last week, the market expects gloomy readings to be published from China as well.

US PCE Index Data (Thursday 8.30 PM): Being one of the American inflation indicator data for the central bank, this index of consumer personal expenditure will be watched. However, predictions are numbers that remain the same as previous readings.

Canadian GDP data (Friday 8.30pm): Canadian economic monthly growth for June is forecast to contract 0.2%. Canada’s central bank will assess and make appropriate decisions on their monetary policy.

US NFP Employment Data (Friday 8.30 PM): Following the indication of Chairman Jerome Powell’s speech at the Jackson Hole Symposium conference, the market will be looking at the latest NFP data to assess whether the Federal Reserve will continue their monetary policy tightening or otherwise.

US Manufacturing ISM Survey Data (Friday 10.00 PM): This survey data will close the trade for the week. The latest figure is forecast to remain below a stable level of 50.0 points for the manufacturing sector in America.