The Week Ahead: Aug. 26-Sept. 1, 2013

August 25, 2013 11:34 PM
 

via a special arrangement with Informa Economics, Inc.

Congress still on summer recess | Key economic reports this week


NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.


In Washington, the approaching Labor Day holiday means lawmakers’ summer break is winding down and will last only another two weeks before they return to Washington. Pending issues ahead include a separate food nutrition funding bill in the House, a new farm bill conference, immigration reform in the House, and budget issues including a continuing resolution measure and an eventual increase in the debt limit.

Key readings on the US economy will be on tap in the week ahead. While the initial focus Monday will be on assessing the weekend Jackson Hole Fed confab, it will also see release of Durable Goods information along with the Dallas Fed manufacturing update. Tuesday will see more housing data via the S&P Case-Shiller home price reading. Also out that day will be Consumer Confidence and the Richmond Fed manufacturing reading. For Wednesday, only Pending Home Sales are on tap, but Thursday brings several key updates, including GDP and weekly jobless claims. And Fed officials Jeffrey Lacker and James Bullard are also scheduled to speak. The week wraps up with Personal Income and Outlays, Chicago PMI and Consumer Sentiment data. As has been the case, each data release will be weighed against how traders think it translates through to the Fed’s expected tapering of their asset purchases with the FOMC meeting looming Sept. 17-18. The week will also bring to a close the month of August and bring a holiday weekend ahead which will likely temper trading activity as we get to the end of the week.

For agriculture, Crop Progress will remain watched closely with traders’ focus on how corn and soybean crops fared condition-wise after minimal rains and warming temps during the week. Tuesday’s farm income update will provide another look from USDA on how drought has impacted farmers and whether the situation will continue to affect farm income in 2013. Thursday brings a trade focus via the Weekly Export Sales report and the quarterly update on the forecast value of US ag exports. Weather will remain important, especially with forecasts bringing hot temps and dry conditions in for the Corn Belt as August winds down.


Monday, Aug. 26
US Congress on summer recess: Both houses of the US Congress are in recess for the summer, returning on Sept. 9.
Economic reports: Selected Interest Rates (Federal Reserve) | Durable Goods Orders | Dallas Fed Survey.
USDA reports:
Export inspections (AMS) | Crop Progress (NASS) | Poultry Slaughter (NASS) | Monthly Milk Cost of Production (ERS)

Tuesday, Aug. 27
Energy reports: Weekly National Petroleum Report (API).
Economic reports: ICSC-Goldman Store Sales | S&P Case-Shiller HPI | Consumer Confidence | Richmond Fed Mfg Index
USDA reports: Farm Sector & Household Income Forecast (ERS) | Rice Stocks (NASS) | Weekly Weather & Crop Bulletin (WAOB) | Dairy Data (ERS) | Livestock & Meat Domestic Data (ERS)

Wednesday, Aug. 28
President Barack Obama speaks at the Lincoln Memorial to mark 50th anniversary of Martin Luther King's "I have a dream" speech.
Syria: US government officials will meet a Russian delegation in the Hague to discuss plans for a peace conference to end the civil war in Syria.
APEC ministers meet: Finance ministers of the Asia Pacific Economic Co-operation (APEC)meet in Palembang, Indonesia, to discuss the regional economy, trade and investment (to August 29).
Energy reports: Weekly US underground natural gas stocks (EIA) | Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: ICI weekly money market mutual fund data | MBA Purchase Applications | Pending Home Sales Index
USDA reports: Broiler Hatchery (NASS) | National Dairy Products Sales Report (AMS)

Thursday, Aug. 29
Workers at fast-food restaurants are expected to hold a nationwide strike.
Federal Reserve: Richmond Fed Reserve President Jeffrey Lacker speaks on the history of the Federal Reserve, while St. Louis Federal Reserve Bank President James Bullard discusses the economy, in Tupelo, Miss.
Economic reports: Jobless Claims (Labor Dept) | Weekly Mortgage Rates (Freddie Mac) | GDP
Transportation: Grain Transportation Report (AMS).
USDA reports: Export Sales (FAS) | US Agricultural Trade Outlook (ERS)

Friday, Aug. 30

President Obama meets Baltic presidents in Washington.
Federal Reserve: St. Louis Federal Reserve Bank President James Bullard speech on the economy and monetary policy in Memphis.
Economic reports:
Personal Income and Outlays | Chicago PMI | Consumer Sentiment
USDA reports: Peanut Prices (NASS) | Agricultural Prices (NASS) | Egg Products (NASS) | Peanut Stocks & Processing (NASS)

 

 

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.


 


 

 

 

 

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