by Calculated Risk on 9/02/2017 08:11:00 AM

The key economic report this week is the trade deficit.

The preliminary annual benchmark revision for the employment report will be released on Wednesday.

----- Monday, Sept 4th -----
All US markets will be closed in observance of the Labor Day holiday.

----- Tuesday, Sept 5th -----
10:00 AM ET: The CoreLogic House Price index for July.

----- Wednesday, Sept 6th -----
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

8:30 AM: Trade Balance report for July from the Census Bureau.

This graph shows the U.S. trade deficit, with and without petroleum, through June. The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

The consensus is for the U.S. trade deficit to be at $44.6 billion in July from $43.6 billion in June.

10:00 AM: 2017 Current Employment Statistics (CES) Preliminary Benchmark Revision. From the BLS:

"Each year, the Current Employment Statistics (CES) survey estimates are benchmarked to comprehensive counts of employment from the Quarterly Census of Employment and Wages (QCEW) for the month of March. These counts are derived from state unemployment insurance (UI) tax records that nearly all employers are required to file. On September 6, 2017 at 10:00 a.m. the Bureau of Labor Statistics (BLS) will release the preliminary estimate of the upcoming annual benchmark revision to the establishment survey employment series. ... The final benchmark revision will be issued with the publication of the January 2018 Employment Situation news release in February. "

10:00 AM: the ISM non-Manufacturing Index for August. The consensus is for index to increase to 55.4 from 53.9 in July.

----- Thursday, Sept 7th -----
8:30 AM ET: The initial weekly unemployment claims report will be released. The consensus is for 239 thousand initial claims, up from 236 thousand the previous week.

10:00 AM: The Q2 Quarterly Services Report from the Census Bureau.

----- Friday, Sept 8th -----
3:00 PM: Consumer Credit for July from the Federal Reserve.  The consensus is for credit to increase $15.7 billion.