ADP jobs data, ISM services PMI, and oil inventories in focus Thursday

As traders approach another pivotal day for financial markets, Thursday, September 5, 2024, brings a series of crucial economic data releases that could sway market dynamics. The spotlight will be on the ADP Nonfarm Employment Change, Initial Jobless Claims, Services PMI, ISM Non-Manufacturing PMI, and EIA Crude Oil Inventories, all of which have the potential to influence investor sentiment and market direction.

Major Economic Events to Watch

• 8:15 AM ET - ADP Nonfarm Employment Change (Forecast: 143K, Previous: 122K): A key indicator of private sector employment trends.

• 8:30 AM ET - Initial Jobless Claims (Forecast: 231K, Previous: 231K): An early indicator of employment trends in the US labor market.

• 9:45 AM ET - Services PMI (Forecast: 55.2, Previous: 55.0): Measures business activity in the services sector.

• 10:00 AM ET - ISM Non-Manufacturing PMI (Forecast: 51.2, Previous: 51.4): A comprehensive gauge of the services sector's economic health.

• 11:00 AM ET - EIA Crude Oil Inventories (Previous: -0.846M): Measures weekly change in commercial crude oil stocks.

Other Important Economic Events to Watch

• 8:30 AM ET - Nonfarm Productivity (Forecast: 2.3%, Previous: 0.2%): Measures change in labor efficiency excluding farming.

• 8:30 AM ET - Unit Labor Costs (Forecast: 0.9%, Previous: 4.0%): Indicates changes in labor costs for businesses.

• 8:30 AM ET - Continuing Jobless Claims (Forecast: 1,870K, Previous: 1,868K): Shows ongoing unemployment insurance claims.

• 9:45 AM ET - S&P Global Composite PMI (Forecast: 54.1, Previous: 54.3): Provides a comprehensive view of economic activity.

• 10:00 AM ET - ISM Non-Manufacturing Employment (Previous: 51.1): Focuses on employment trends in the services sector.

• 11:00 AM ET - EIA Weekly Cushing Oil Inventories (Previous: -0.668M): Tracks oil storage levels at a key delivery point.

• 4:30 PM ET - Fed's Balance Sheet (Previous: 7,123B): Discloses the Federal Reserve's assets and liabilities.

• 4:30 PM ET - Reserve balances with Federal Reserve Banks (Previous: 3.245T): Shows depository institutions' account balances at Fed Banks.

Other Economic Events to Watch

• 7:30 AM ET - Challenger Job Cuts (Previous: 25.885K): Provides data on announced corporate layoffs.

• 8:30 AM ET - Jobless Claims 4-Week Avg. (Forecast: 229.00K, Previous: 231.50K): Smooths weekly jobless claims data.

• 10:00 AM ET - ISM Non-Manufacturing Prices (Previous: 57.0): Indicates price trends in the services sector.

• 10:00 AM ET - ISM Non-Manufacturing New Orders (Previous: 52.4): Measures new order trends in services.

• 10:00 AM ET - ISM Non-Manufacturing Business Activity (Previous: 54.5): Gauges overall business activity in services.

• 10:00 AM ET - Total Vehicle Sales (Forecast: 15.40M, Previous: 15.80M): Measures annualized new vehicle sales.

• 10:00 AM ET - Redbook (Previous: 5.0%): Tracks year-over-year same-store sales growth in retail.

• 10:30 AM ET - Natural Gas Storage (Previous: 35B): Measures weekly change in natural gas storage.

• 11:00 AM ET - EIA Weekly Gasoline Production (Previous: -0.156M): Tracks changes in gasoline production.

• 11:00 AM ET - Gasoline Inventories (Previous: -2.203M): Measures change in gasoline stocks.

• 11:00 AM ET - EIA Weekly Distillates Stocks (Previous: 0.275M): Reports on distillate fuel inventory levels.

• 11:00 AM ET - EIA Weekly Distillate Fuel Production (Previous: 0.110M): Tracks changes in distillate fuel production.

• 11:00 AM ET - EIA Refinery Crude Runs (Previous: 0.175M): Indicates crude oil processed by refineries.

• 11:00 AM ET - EIA Weekly Heatoil Stock (Previous: -1.189M): Measures change in heating oil inventories.

• 11:00 AM ET - EIA Weekly Refinery Utilization Rates (Previous: 1.0%): Shows refinery capacity utilization.

• 11:00 AM ET - EIA Weekly Crude Imports (Previous: 0.282M): Tracks changes in crude oil imports.

• 11:25 AM ET - 8-Week Bill Auction (Previous: 5.100%): Treasury bill auction results.

• 11:30 AM ET - 4-Week Bill Auction (Previous: 5.170%): Treasury bill auction results.

For further information and the latest updates, please refer to our Economic Calendar, here https://www.investing.com/economic-calendar/

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

Source: Investing.com