Retail sales, jobless claims, and oil inventories 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, October 17, 2024. The day's lineup includes key reports on retail sales, jobless claims, and oil inventories, all of which have the potential to influence investor sentiment and market direction.

Major Economic Events to Watch

• 8:30 AM ET: Core Retail Sales (Forecast: 0.1%, Previous: 0.1%) - A measure of consumer spending excluding automobiles

• 8:30 AM ET: Retail Sales (Forecast: 0.3%, Previous: 0.1%) - The primary indicator of consumer spending

• 8:30 AM ET: Philadelphia Fed Manufacturing Index (Forecast: 4.2, Previous: 1.7) - A gauge of manufacturing conditions in the Philadelphia area

• 8:30 AM ET: Initial Jobless Claims (Forecast: 241K, Previous: 258K) - An early indicator of employment trends

• 11:00 AM ET: EIA Crude Oil Inventories (Forecast: 1.800M, Previous: 5.810M) - Weekly change in commercial crude oil stocks

Other Important Economic Events to Watch

• 8:30 AM ET: Philly Fed Employment (Previous: 10.7) - Employment component of the Philadelphia Fed index

• 8:30 AM ET: Retail Control (Previous: 0.3%) - A measure of retail sales used to calculate GDP

• 8:30 AM ET: Continuing Jobless Claims (Forecast: 1,870K, Previous: 1,861K) - Number of unemployed individuals qualifying for benefits

• 9:15 AM ET: Industrial Production (Forecast: -0.1%, Previous: 0.8%) - Measure of output from manufacturers, mines, and utilities

• 10:00 AM ET: Business Inventories (Forecast: 0.3%, Previous: 0.4%) - Change in the value of unsold goods held by businesses

• 11:00 AM ET: Fed Goolsbee Speaks - Potential insights into monetary policy

• 12:00 PM ET: Atlanta Fed GDPNow (Forecast: 3.2%, Previous: 3.2%) - Running estimate of real GDP growth

• 4:00 PM ET: TIC Net Long-Term Transactions (Previous: 135.4B) - Measure of foreign investment in U.S. securities

• 4:30 PM ET: Fed's Balance Sheet (Previous: 7,047B) - Statement of Federal Reserve assets and liabilities

Other Economic Events to Watch

• 8:30 AM ET: Retail Sales Ex Gas/Autos (Previous: 0.2%) - Retail sales excluding volatile components

• 8:30 AM ET: Philly Fed Business Conditions (Previous: 15.8) - Survey of manufacturing conditions

• 8:30 AM ET: Philly Fed New Orders (Previous: -1.5) - New orders component of the Philadelphia Fed index

• 8:30 AM ET: Philly Fed Prices Paid (Previous: 34.00) - Price pressures faced by manufacturers

• 9:15 AM ET: Manufacturing Output (Forecast: -0.1%, Previous: 0.9%) - Change in manufacturing production

• 9:15 AM ET: Capacity Utilization Rate (Forecast: 77.9%, Previous: 78.0%) - Percentage of production capacity being utilized

• 10:00 AM ET: NAHB Housing Market Index (Forecast: 43, Previous: 41) - Measure of homebuilder confidence

• 10:30 AM ET: Natural Gas Storage (Forecast: 80B, Previous: 82B) - Weekly change in natural gas inventories

• 11:30 AM ET: 4-Week Bill Auction (Previous: 4.750%) - Short-term government debt auction

• 11:30 AM ET: 8-Week Bill Auction (Previous: 4.640%) - Short-term government debt auction

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