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Global Economy Week Ahead: U.S. Inflation and Jobs, Japan Household Spending

27 Aug 2017 7:00 pm
By WSJ Staff 

The week ahead will be a busy one for U.S. economic data, with readings on consumer confidence, gross domestic product and the Federal Reserve's preferred inflation gauge due before the August employment report caps off the week. Elsewhere, Canada will release GDP data, while Japan issues household spending information.

TUESDAY: The Conference Board releases its index on consumer confidence for August. This measure rose sharply in July, as Americans expressed increased faith in both the current and future state of the economy. Economists surveyed by The Wall Street Journal expect the index rose to 120.3 in August, from 121.1 the previous month.

Japan releases household spending data for July. In June, household spending rose for the first time in 16 months, gaining 2.3% from a year earlier.

WEDNESDAY: The U.S. Commerce Department releases a second estimate on second-quarter gross domestic product, after initially reporting a 2.6% annual growth rate in the April-to-June period. Since the original release, reports on key ingredients in gross domestic product have signaled positive growth. July retail sales indicated strength in consumer spending, while figures in the July durable-goods report pointed toward momentum in business investment. Economists surveyed by The Wall Street Journal forecast a revised second-quarter reading of a 2.9% seasonally adjusted annual growth rate.

THURSDAY: The U.S. Commerce Department releases the July personal-income report, which will offer insight on the state of consumer spending and inflation. Consumer spending showed only modest growth in June. Inflation, meanwhile, proved weak. Overall prices rose 1.4% from a year earlier, down from 1.5% annual growth in May, according to the price index for personal-consumption expenditures -- the Fed's preferred inflation measure. Economists surveyed by The Wall Street Journal forecast personal income in July grew 0.3%, while consumer spending is expected to have increased 0.4%.

Second-quarter GDP is due from Canada, where first-quarter GDP grew 3.7% annualized, tops among Group of Seven developed economies. The Bank of Canada forecast a 3% expansion for the second quarter.

FRIDAY: In recent months, U.S. job growth has remained robust, while the unemployment rate has hovered near a 16-year low. Economists are forecasting that the Labor Department's August jobs report will show the economy added 175,000 jobs in August, while the unemployment rate remained steady at 4.3%.

The Institute for Supply Management releases its manufacturing report for August. The manufacturing sector has proven resilient this year, thanks in part to a weakening dollar. U.S. factory activity expanded for the 11th consecutive month in July, ISM reported. Economists surveyed by The Wall Street Journal expect the ISM manufacturing index was 56.1 in August, down slightly from 56.3 in July.

(END) Dow Jones Newswires

August 27, 2017 15:00 ET (19:00 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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