Canadian labour productivity for Q2. Estimate is a decline of 0.5 per cent from Q1. U.S. Beige Book is released.: Alimentation Couche-Tard Inc.; Descartes Systems Group Inc.; Gamestop Corp.; Transcontinental Inc. Canadian building permits for July. Estimate is a decline of 5.0 per cent from June.
U.S. initial jobless claims for week of Sept. 2. Estimate is 234,000, up 6,000 from the previous week. U.S. productivity and unit labour costs for Q2. The Street is expecting annualized rate increases of 3.6 per cent and 1.7 per cent, respectively. Bank of Canada governor Tiff Macklem presents the Economic Progress Report in Calgary. Canadian employment for August. Estimate is an increase of 0.1 per cent, or 15,000 jobs, from July with the unemployment rate remaining 5.5 per cent and average hourly wages rising 4.5 per cent year-over-year. U.S. flow of funds from Q2.
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Goldman Sachs tech conference: Analyst's 3 things to watchThe Goldman Sachs Communacopia + Technology Conference is set to begin Tuesday, September 5th. Kash Rangan, Goldman Sachs U.S. Software Equity Research Analyst, explains 'three big things' to look out for from the conference. Rangan says what he's telling clients 'to look for is what kind of uptick we’re going to see with generative AI' in calendar ’24. Rangan notes that 'we’ve seen a slew of launches' from companies like Microsoft (MSFT), Salesforce (CRM), ServiceNow (NOW), and Adobe (ADBE), and these companies are hoping 'to get more customer wallet share in return for all the productivity.' 'So when is that going to start to really manifest in revenue?,' Rangan says. The second thing is 'what’s happening with macro?,' Rangan says. Last year, 'we were heading into this inflation spiral... company growth rates start to really decelerate,' Rangan notes, but 'now, we’re at a point where things are stabilizing.' So, Rangan says, 'what is your macro outlook? What is the pulse of the spending environment?' and 'what do budgets for calendar ’24 look like?' The third thing is, 'when are you going to start to hire?,' Rangan says. 'There’s no growth in the software industry unless you really hire,' Rangan explains. We’ve seen layoffs and hiring freezes, but when is 'that going to start to turn around?,' Rangan adds. Be sure to tune in next week to see Yahoo Finance Executive Editor Brian Sozzi's interviews with some of the biggest names attending the Goldman Sachs Communacopia + Technology Conference.
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