Personal income and spending, Employment Cost Index and more will provide a better idea of how the economy is performing.
the broadest measure of goods and services produced across the economy, shrank by 0.9% on an annualized basis in the three-month period from April through June, the Commerce Department said in its first reading of the data on Thursday. Refinitiv economists expected the report to show the economy had expanded by 0.5%.
Biden touted the job market, saying it "remains historically strong, with unemployment at 3.6% and more thanBiden said he met with the chairman of SK Group from Korea earlier this week, saying it is "just one of the companies investing more than $200 billion in American manufacturing since I took office, powering a historic recovery in American manufacturing."
Still, it would also mark the 15th consecutive month that inflation was above the Fed’s 2% target and could boost expectations for a third 75-basis point rate hike at the Fed’s September policy meeting. Futures currently indicate a 100% chance for a 50-basis point hike, with a 24% chance for a 75-basis point increase.
The ECI is considered the most comprehensive gauge of labor costs. Another higher-than-expected reading could add to inflation fears and put pressure on bonds and stocks.
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