US retail sales, Philadelphia Fed index and unemployment claims tomorrow

Retail sales expected to be lower for the second consecutive month

Tomorrow at 8:30 AM, the US retail sales for the month of August will be released the expectations are for a -0.8% decline. This comes after a -1.1% decline in July. The expectations for July was for a -0.2%. The June retail sales rose by 0.6%. The May retail sales fell by -1.3%. So a another decline tomorrow would be the third in the last four months which is indicative with the slowing expectations for GDP growth

Also released at 8:30 AM tomorrow will be the Philadelphia Fed manufacturing index for the month of September. It is expected to come in at 18.9% versus 19.4% the in August.the Empire manufacturing index today came in at at 34.3. That was much higher than the 18.1% estimate and the 18.3 level last month.

US initial jobless claims are expected to come in at 325K versus 310K last week. The number last week was the lowest post Covid.

US business inventories for July are expected to rise by 0.5% versus 0.8% June.

In Canada the ADP nonfarm employment change for August will be released at 8:30 AM. last month the number came in at 221.3K

Canada wholesale sales for July expected show a -2.0% decline versus -0.8% last month. The data will be released at 8:30 AM.

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