GDP, jobless claims, and Powell speech highlight Thursday's economic data

As traders approach another pivotal day for financial markets, a series of crucial decisions and economic data releases that could sway market dynamics are expected on Thursday, September 26, 2024. The day's lineup includes key reports on GDP, durable goods orders, and initial jobless claims, as well as a highly anticipated speech from Federal Reserve Chair Jerome Powell.

Major Economic Events to Watch:

• 8:30 AM ET: GDP (Q2) - Forecast: 3.0%, Previous: 1.4%. Measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy.

• 8:30 AM ET: Durable Goods Orders (Aug) - Forecast: -2.8%, Previous: 9.9%. Measures the change in the total value of new orders for long-lasting manufactured goods.

• 8:30 AM ET: Initial Jobless Claims - Forecast: 224K, Previous: 219K. Measures the number of individuals who filed for unemployment insurance for the first time during the past week.

• 9:20 AM ET: Fed Chair Powell Speaks. Traders closely watch his speeches for hints regarding future monetary policy.

• 10:00 AM ET: Pending Home Sales (Aug) - Forecast: 0.9%, Previous: -5.5%. Measures the change in the number of homes under contract to be sold but still awaiting the closing transaction.

Other Important Economic Events to Watch:

• 8:30 AM ET: GDP Price Index (Q2) - Forecast: 2.5%, Previous: 3.1%. Measures the annualized change in the price of all goods and services included in gross domestic product.

• 8:30 AM ET: Core PCE Prices (Q2) - Forecast: 2.80%, Previous: 3.70%. Measures changes in the price of goods and services purchased by consumers, excluding food and energy.

• 8:30 AM ET: Core Durable Goods Orders (Aug) - Forecast: 0.1%, Previous: -0.2%. Measures the change in the total value of new orders for long-lasting manufactured goods, excluding transportation items.

• 8:30 AM ET: Continuing Jobless Claims - Previous: 1,829K. Measures the number of unemployed individuals who qualify for benefits under unemployment insurance.

• 9:15 AM ET: FOMC Member Bowman Speaks. Her public engagements are often used to drop subtle clues regarding future monetary policy.

• 9:25 AM ET: FOMC Member Williams Speaks.

• 10:30 AM ET: Fed Vice Chair for Supervision Barr Speaks.

• 11:15 AM ET: Treasury Secretary Yellen Speaks. Her speeches are often used to signal administration policy shifts.

• 1:00 PM ET: 7-Year Note Auction - Previous: 3.770%. The yield on the Treasury Note auctioned.

• 1:00 PM ET: FOMC Member Kashkari Speaks. His public engagements are often used to drop subtle clues regarding future monetary policy.

• 1:00 PM ET: Fed Vice Chair for Supervision Barr Speaks.

• 4:30 PM ET: Fed's Balance Sheet - Previous: 7,109B. A statement listing the assets and liabilities of the Federal Reserve System.

• 4:30 PM ET: Reserve balances with Federal Reserve Banks - Previous: 3.217T. The amount of money that depository institutions maintain in their accounts at their regional Federal Reserve Banks.

Other Economic Events to Watch:

• 8:30 AM ET: GDP Sales (Q2) - Forecast: 2.2%, Previous: 1.8%.

• 8:30 AM ET: Real Consumer Spending (Q2) - Forecast: 2.9%, Previous: 1.5%. Measures the inflation-adjusted amount of money spent by households in the US economy.

• 8:30 AM ET: PCE Prices (Q2) - Forecast: 2.5%, Previous: 3.4%. Measures changes in the price of goods and services purchased by consumers.

• 8:30 AM ET: Goods Orders Non Defense Ex Air (Aug) - Forecast: 0.0%, Previous: -0.1%. Measures manufacturers' new orders for nondefense capital goods excluding aircraft.

• 8:30 AM ET: Durables Excluding Defense (Aug) - Previous: 10.3%. Measures new orders for durable goods excluding defense-related items.

• 8:30 AM ET: Corporate Profits (Q2) - Forecast: 1.7%, Previous: -2.7%. Measures the net current-production income of organizations treated as corporations in the National Income and Product Accounts.

• 8:30 AM ET: Jobless Claims 4-Week Avg. - Previous: 227.50K. The four-week moving average of initial jobless claims.

• 9:10 AM ET: Fed Collins Speaks.

• 9:10 AM ET: FOMC Member Kugler Speaks.

• 10:00 AM ET: Pending Home Sales Index - Previous: 70.2. Measures the change in the number of homes under contract to be sold.

• 10:30 AM ET: Natural Gas Storage - Forecast: 52B, Previous: 58B. Measures the change in the number of cubic feet of natural gas held in underground storage.

• 10:30 AM ET: Fed Governor Cook Speaks.

• 11:00 AM ET: KC Fed Composite Index - Previous: -3. Provides information on current manufacturing activity in the Tenth District.

• 11:00 AM ET: KC Fed Manufacturing Index - Previous: 6. Measures manufacturing activity in the Kansas City Federal Reserve district.

• 11:30 AM ET: 4-Week Bill Auction - Previous: 4.700%. The rate on the Treasury Bill auctioned.

• 11:30 AM ET: 8-Week Bill Auction - Previous: 4.690%. The rate on the Treasury Bill auctioned.

• 6:00 PM ET: Fed Governor Cook Speaks.

For further information and the latest updates, please refer to our Economic Calendar, here.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com