US week ahead: Economic activity, housing and retail sales - NBF

Analysts at the National Bank of Canada present the key economic numbers to be released next week in the US. 

Key Quotes:

“We’ll get information about economic activity in Q3 thanks to July data. Industrial production may have risen moderately in the month, echoing a slight expansion of output in the manufacturing sector. A positive contribution is also expected from utilities, following two negative prints in a row in May and June. Still in July, retail sales likely fell for the first time in sixth months, hampered by weak auto sales during the month. Excluding autos, sales may have fared slightly better, supported by rising gasoline prices which likely boosted gasoline station receipts.”

“The week will also provide important information about the housing market in July. Housing starts may have staged a comeback in the month following June’s poor result. Building permits may also have followed that trend and post their first increase in four months in July.”

“The first clues on the state of the manufacturing sector in August will be available with the publication of the Empire State and Philly Fed manufacturing surveys. Finally, Q2’s preliminary productivity numbers will be released.”

“Elsewhere in the world, the preliminary estimate of Q2 GDP growth will be released in the Eurozone. We’ll also get July’s data on trade balance in Japan. Finally July’s numbers on retail sales and industrial production will be available in China.”