High Points for Economic Data Scheduled for June 5 Week

Articles From: Econoday Inc.
Website: Econoday Inc.

The June 5 week is a quiet one with few data releases on the calendar and nothing likely to be of market-moving impact. Fed policymakers will be out of the public eye during the communications blackout period around the June 13-14 FOMC meeting. The blackout goes into effect at midnight on Saturday, June 3 and will last through midnight on Thursday, June 15.

In the absence of significant data, Fed policymakers will heave a sigh of relief that a debt limit breach was averted and no longer weighs on the outlook for the economy or monetary policy. The May employment numbers, headlined by a strong 339,000 rise in nonfarm payrolls but balanced by a sharp uptick in unemployment to 3.7 percent, are consistent with a labor market that is reestablishing more balanced conditions while remaining able to absorb new workers, or offer possibilities to workers looking for new opportunities. Rising gasoline prices are an unwelcome reminder that inflation has not been tamed and will keep consumer confidence readings on the pessimistic side. Consumers and businesses will not be happy about tightening financial conditions and higher borrowing costs, but this doesn’t seem to be severely impacting spending.

Whether the FOMC ends up raising rates again may depend on the tone of the CPI report for May when it is released at 8:30 ET on Tuesday, June 13, the first day of the FOMC meeting. It is a close call as to whether FOMC voters are going to want one more move for insurance and to emphasize they are committed to bringing inflation down, or if they feel that conditions will allow them to wait for more data.

On the face of it, the GDP Nowcasts from the St. Louis and Atlanta Fed’s are telling slightly different stories. However, it is early yet and the second quarter data are far from complete.

Fed District Banks Nowcasts for GDP at week end

Originally Posted June 2, 2023 – High points for economic data scheduled for June 5 week

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclosure: Econoday Inc.

Important Legal Notice: Econoday has attempted to verify the information contained in this calendar. However, any aspect of such info may change without notice. Econoday does not provide investment advice, and does not represent that any of the information or related analysis is accurate or complete at any time.

© 1998-2022 Econoday, Inc. All Rights Reserved

Disclosure: Interactive Brokers

Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Econoday Inc. and is being posted with its permission. The views expressed in this material are solely those of the author and/or Econoday Inc. and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.