ISM Manufacturing Index Might Slow To This Level In August, Here Are The Major Macro Issues For Thursday

U.S. stocks closed lower on Wednesday, with the Nasdaq 100 dropping around 70 points amid a decline in Apple Inc AAPL and Amazon.com, Inc. AMZN shares.

Let’s have a look at the major economic events scheduled for today.

• The Challenger job-cut report for August is scheduled for release at 7:30 a.m. ET.
• Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. Jobless claims are expected to come in at 246,000 for the August 27 week, compared to 243,000 in the previous week.
• Data on nonfarm productivity and unit labor costs for the second quarter will be released at 8:30 a.m. The second-estimate for Q2 nonfarm productivity might show a 4.4% decline compared to a 4.6% annualized decline in the first estimate. Unit labor costs, which increased 10.8% in the first estimate, might surge at a 10.7% annualized rate in the second estimate.
• The manufacturing PMI for August is scheduled for release at 9:45 a.m. ET. The final manufacturing PMI is likely to hold at the 51.3 flash level for August.
• The ISM manufacturing index for August will be released at 10:00 a.m. ET. The ISM’s index is expected to slow further to 52 in August from 52.8 in July.
• Data on construction spending for July will be released at 10:00 a.m. ET. Construction spending, which fell 1.1% in June, is expected to show no change during July.
• The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.
• The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.
• Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 3:30 p.m. ET.

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