5 US Economic Events To Watch This Week

Monday

The US Treasury will present its October budget statement as of 19:00 GMT. This report marks the beginning of the 2018 fiscal year. Economists are forecasting a deficit of $50 billion for the previous month. During the 2017 fiscal year, the US budget deficit has expanded to $666 billion from a prior $586 billion. The budget deficit could grow further if Trump’s tax cuts are approved.

No other events scheduled.

Tuesday

The US Bureau of Labor Statistics will release the producer price index for October at 13:30 GMT. The index rose 0.4 percent from August to September and it is now expected to show a 0.1 percent build. According to experts, the move could be a reaction to rising energy prices. As for the core producer price index, which excludes volatile food, energy, and trade components, consensus points to a 0.2 percent growth month-over-month.

Other events scheduled: Fed Chair Janet Yellen speech, API crude weekly inventories

Wednesday

The main event of the week. The core consumer price index for October will be out as of 13:30 GMT and it is expected to show an increase of 0.2 percent m/m and a 1.8 percent y/y. While the recent hurricanes could have pushed prices up the last month, inflation remained steady and therefore, analysts believe the reaction could take a little longer to be felt.

Other events scheduled: retail sales, business inventories, IEA weekly crude stockpiles

Thursday

The Labor Department will release the latest reading on initial jobless claims at 13:30 GMT. In the week ended November 4, the number of people applying for unemployment benefits rose by 10,000 to 239,000. This rise has been justified by Puerto Rico humanitarian crisis, as the island has been recently affected by hurricanes Irma and Maria.

Other events scheduled: import/export price indexes, industrial production

Friday

Building permits for October are set for publishing at 13:30 GMT. Analysts are expecting a rebound of 2.0 percent m/m for last month to an annualized rate of 1.243 million units. As for housing starts we see a 5.6 percent jump to 1.180 million units.

Other events scheduled: Baker Hughes oil rig count.

Fort Financial Services