by Calculated Risk on 7/27/2024 08:11:00 AM

The key report this week is the July employment report.

Other key reports include Case-Shiller house prices for May, ISM manufacturing index and July vehicle sales.

The FOMC meets this week and no change to the Fed Funds rate is expected.

----- Monday, July 29th -----
10:30 AM: Dallas Fed Survey of Manufacturing Activity for July.

----- Tuesday, July 30th -----
9:00 AM: S&P/Case-Shiller House Price Index for May.

This graph shows the year-over-year change in the seasonally adjusted National Index, Composite 10 and Composite 20 indexes through the most recent report (the Composite 20 was started in January 2000).

The consensus is for a 6.0% year-over-year increase in the Comp 20 index for May.

9:00 AM: FHFA House Price Index for May. This was originally a GSE only repeat sales, however there is also an expanded index.

10:00 AM ET: Job Openings and Labor Turnover Survey for June from the BLS.

This graph shows job openings (yellow line), hires (purple), Layoff, Discharges and other (red column), and Quits (light blue column) from the JOLTS.

Jobs openings increased in May to 8.14 million from 7.92 million in April.

The number of job openings (yellow) were down 13% year-over-year and Quits were down 14% year-over-year.

10:00 AM: the Q2 2024 Housing Vacancies and Homeownership from the Census Bureau.

----- Wednesday, July 31st -----
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

8:15 AM: The ADP Employment Report for June. This report is for private payrolls only (no government). The consensus is for 168,000 payroll jobs added in June, up from 150,000 in May.

9:45 AM: Chicago Purchasing Managers Index for July.

10:00 AM: Pending Home Sales Index for June. The consensus is for a 1.5% increase in the index.

2:00 PM: FOMC Meeting Announcement. No change to the Fed Funds rate is expected.

2:30 PM: Fed Chair Jerome Powell holds a press briefing following the FOMC announcement.

----- Thursday, August 1st -----
8:30 AM: The initial weekly unemployment claims report will be released.  The consensus is for 230 thousand initial claims, down from 235 thousand last week.

10:00 AM: ISM Manufacturing Index for July. The consensus is for the ISM to be at 49.0, up from 48.5 in June. 

10:00 AM: Construction Spending for June. The consensus is for a 0.2% increase in construction spending.

Late: Light vehicle sales for July from the BEA. The consensus is for light vehicle sales to be 16.2 million SAAR in July, up from 15.3 million in June (Seasonally Adjusted Annual Rate).

This graph shows light vehicle sales since the BEA started keeping data in 1967. The dashed line is the sales rate for last month.


----- Friday, August 2nd -----
8:30 AM: Employment Report for July.   The consensus is for 175,000 jobs added, and for the unemployment rate to be unchanged at 4.1%.

There were 206,000 jobs added in June, and the unemployment rate was at 4.1%.

This graph shows the jobs added per month since January 2021.