GDP, Jobless Claims, and Powell’s Speech Spotlight Thursday’s Economic Data

As financial markets gear up for another significant day, several key economic indicators and decisions will unfold on Thursday, September 26, 2024. Traders are advised to pay close attention to important reports on GDP, durable goods orders, and initial jobless claims, alongside a highly anticipated address from Federal Reserve Chair Jerome Powell.

Major Economic Events to Monitor:

• 8:30 AM ET: GDP (Q2) – Forecast: 3.0%, Previous: 1.4%. This report 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%. This indicator tracks 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. This data reflects the number of individuals filing for unemployment insurance for the first time over the past week.

• 9:20 AM ET: Fed Chair Powell Speaks. Traders closely monitor his speeches for insights into future monetary policy.

• 10:00 AM ET: Pending Home Sales (Aug) – Forecast: 0.9%, Previous: -5.5%. This report tracks the change in the number of homes under contract to be sold but not yet finalized.

Additional Key Economic Indicators:

• 8:30 AM ET: GDP Price Index (Q2) – Forecast: 2.5%, Previous: 3.1%. This measures the annualized change in prices for all goods and services included in GDP.

• 8:30 AM ET: Core PCE Prices (Q2) – Forecast: 2.80%, Previous: 3.70%. It measures price changes 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%. This report indicates the change in new orders for manufactured goods, excluding transportation items.

• 8:30 AM ET: Continuing Jobless Claims – Previous: 1,829K. This figure shows the number of unemployed individuals eligible for unemployment benefits.

• 9:15 AM ET: FOMC Member Bowman Speaks. Public appearances can provide subtle hints regarding future policy changes.

• Other Notable Speakers include FOMC Member Williams and Fed Vice Chair Barr, among others throughout the day.

• 1:00 PM ET: 7-Year Note Auction – Previous Yield: 3.770%. This auction reflects the yield on Treasury Notes.

• 4:30 PM ET: Fed’s Balance Sheet – Previous Total: 7,109B. This statement provides an overview of the Federal Reserve’s assets and liabilities.

• 4:30 PM ET: Reserve Balances with Federal Reserve Banks – Previous Amount: 3.217T. This represents the funds that depository institutions keep in their accounts at regional Federal Reserve Banks.

Other Noteworthy Events to Watch:

• 8:30 AM ET: Consumer Spending (Q2) – Forecast: 2.9%, Previous: 1.5%. This measures the inflation-adjusted expenditure by households.

• 8:30 AM ET: PCE Prices (Q2) – Forecast: 2.5%, Previous: 3.4%. This report examines price changes for consumer purchases.

• 8:30 AM ET: Goods Orders Non-Defense Excluding Aircraft (Aug) – Forecast: 0.0%, Previous: -0.1%.

• 8:30 AM ET: Corporate Profits (Q2) – Forecast: 1.7%, Previous: -2.7%. This measures net current-production income of corporations.

• 9:10 AM ET: Fed Collins and FOMC Member Kugler Speak.

• 10:30 AM ET: Natural Gas Storage – Forecast: 52B, Previous: 58B.

• 11:00 AM ET: KC Fed Composite Index – Previous: -3. This provides insights into manufacturing activity in the Tenth District.

This analysis has been prepared with the support of AI and reviewed by an editor.