The coming week is a triple header of major economic news in the U.S.: the first-read of third-quarter economic growth, a policy statement from the Federal Reserve and October’s jobs report.
Wednesday
The Commerce Department will release its measure of third-quarter gross domestic product. Economists surveyed by The Wall Street Journal expect the report to show the economy expanded at a 1.6% annual rate this summer. That would mark a slowdown from the spring’s growth rate of 2%. The Fed wraps up a policy meeting and is expected to cut its benchmark interest rate by a quarter point. The central bank has been cutting the rate this year in an effort to support the U.S. economy in the face of global headwinds.
Thursday
Economists expect China’s factory activity to have contracted more in October. China’s official purchasing managers index is forecast to tick down to 49.7 this month from September’s 49.8, suggesting contraction in activity for six straight months. If that holds, then the Chinese economy could slow further in the fourth quarter. Also, Eurostat will release its gauge of inflation in the eurozone.
Friday
The Labor Department will release its broadest gauge of the October job market. Economists expect the report to show employers added 85,000 jobs during the month and the unemployment rate rose to 3.6%, from a 50-year low of 3.5% in September. The General Motors strike pushed thousands of auto workers off payrolls this month, likely depressing the overall employment picture. Also, manufacturing purchasing managers’ indexes will be released for the U.S. and U.K. The Institute for Supply Management’s U.S. gauge is expected to improve, but remain slightly in a contractionary zone for October.
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October 28, 2019 at 03:00AM
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Economy Week Ahead: Economic Growth, Fed Statement, Jobs Report - The Wall Street Journal
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