| CATEGORY: MARKET REPORT - MIDDAY |
US week ahead: All eyes on jobs for rate clues |
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Mon 28 Feb 2005
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LONDON (SHARECAST) - With another busy week ahead, dealers will be looking hard for hints as to where inflation and interest rates are heading after last Friday’s GDP data showed strong growth during the fourth quarter.
The focus for the week is sure to be Friday’s non-farm payrolls numbers, which are expected to show 225,000 jobs were added in February after January’s 146,000 rise.
The unemployment rate, also due at the end of the week, is forecast to remain unchanged at 5.2%.
The week starts with personal income and spending numbers. The Commerce Department is expected to confirm that income fell 2.6% in January after rising 3.7% the month before. Spending should increase 0.1% according to analysts, following a 0.8% jump in December.
Monday also sees the Chicago purchasing managers’ index. The indicator of manufacturing strength in the region is forecast to have fallen to 60 this month from January’s 62.4.
New home sales are due to climb to 1.119m annual rate in January from 1.098m at the end of last year.
Tuesday sees the release of construction spending numbers, which are expected to rise 0.6% in January, while the Institute for Supply Management report on manufacturing on the same day and on services a day later.
The ISM manufacturing report is forecast to show a read of 57 this month against 56.4 in January, while the service sector is expected to rise from 59.2 to 60 in February.
There is a revised read on fourth quarter productivity on Thursday, and on Friday the University of Michigan consumer sentiment report is expected to increase a touch to 94.9 in February from last month’s 94.2.
Factory orders data brings the week to a close, with the market expecting a 0.2% increase in January against a 0.3% rise in December, while factory inventories should jump to 0.9% from 0.1% at the end of last year.
On the earnings front, expect releases from HJ Heinz and posh jewellery seller Tiffany & Co on Monday, with insurance giant Marsh & McLennen following on Tuesday.
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