A series of economic reports concerning U.S. employment and inflation are scheduled for release in the week beginning September 28, alongside earnings and clinical data from several major corporations. The data will be the first of its kind published since the Federal Reserve’s decision to raise interest rates in September.
Federal agencies will release three separate reports on the state of the U.S. labor market. On Tuesday, the Bureau of Labor Statistics will publish the Job Openings and Labor Turnover Survey (JOLTS) for August. This will be followed on Wednesday by payroll processor ADP’s private hiring report for September. According to data compiled by FactSet, economists expect the ADP report to show the addition of 58,000 private-sector jobs.
On Friday, the Bureau of Labor Statistics will release its nonfarm payrolls report for September. Economists polled by FactSet anticipate a gain of 82,500 jobs, with the unemployment rate forecast to remain unchanged from August’s 4.1%.
Following the Federal Reserve’s rate increase in September, Chairman Kevin Warsh cited labor market data as a factor in the decision. “There’s been a pretty wide-ranging set of data, including in the labor markets, that the economy has strengthened,” Warsh stated at the time.
In addition to employment figures, the Bureau of Economic Analysis (BEA) will release the Personal Consumption Expenditures (PCE) price index for August on Wednesday. Economists surveyed by FactSet project a 0.4% month-over-month increase and a 3.8% annual gain. The core PCE, which excludes food and energy prices and is closely watched by the Federal Reserve, is expected to show a 0.3% monthly rise and a 3.4% year-over-year increase. The BEA has also announced it will issue updates to its methodology for calculating spending on financial services, computer software, and legal services with this report.
In corporate news, technology company Micron is scheduled to report its quarterly earnings on Wednesday. According to estimates compiled by LSEG, analysts expect the company to report earnings per share of $31.49 on revenue of $50.9 billion. Bank of America analysts noted in a September 22 client report that they are monitoring commentary on memory chip pricing and strategic customer agreements. The current restrictions on Micron conducting a large-scale stock buyback program, related to its acceptance of CHIPS Act grants, are set to expire on December 9.
Pharmaceutical company Eli Lilly will also present new clinical trial data at the annual meeting of the European Association for the Study of Diabetes. The presentations will include late-stage results for retatrutide in adults with obesity and type 2 diabetes, and mid-stage results for eloraTZP, a combination therapy. The company will also present late-stage results for Foundayo in adults with obesity and type 2 diabetes, and for Mounjaro in a study examining its ability to reduce cardiovascular complications. Analysts at Leerink noted in a client report that they are focused on the eloraTZP update.
