The latest data on the U.S. labor market will be the investors’ main focus this week, with implications for consumer spending and Federal Reserve policy.
The unemployment rate is seen ticking down to 3.7% from 3.8%. Other economic data to watch this week will include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for September on Monday, followed by the Services equivalent on Wednesday. The Census Bureau reports construction spending statistics for August. Total construction spending is expected to increase 0.6% month over month to a seasonally adjusted annual rate of $1.98 trillion, which would be a record high.The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Economists forecast 8.8 million job openings on the last business day of August, roughly even with the July data.
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