1. U.S. Services Sector Accelerates on Employment Boost — the Institute for Supply Management’s services-activity index edged up to 56.0 in October from 54.9 in September, beating expectations of 53.7 expected in a poll of economists compiled by The Wall Street Journal. That marked the fourth-straight month of expansion, registered when the gauge is above the 50 no-change mark. The survey showed services employment expanding last month, after it contracted in September, though demand—as measured by new orders—slowed, despite still being in exclusionary territory, ISM said.
2. Trump Wins US Presidential Election in Extraordinary Comeback — Donald Trump was elected the 47th president of the United States, pulling off a stunning political comeback in one of the most polarized contests for the White House in US history. Trump, 78, won an unprecedented race during which he was convicted of felonies, survived two assassination attempts and crushed a challenge from Vice President Kamala Harris after she replaced an unpopular President Joe Biden in the campaign’s final months. He was elected by a country deeply at odds over immigration, abortion and foreign policy, and one still feeling the pinch after the biggest surge of inflation in four decades. Trump also helped Republicans recapture the Senate, underscoring his ability to seize on voter angst.
3. Fed Cuts Rates; Powell Says Wouldn’t Resign If Asked By Trump — Fed officials unanimously lowered the federal funds rate to a range of 4.5% to 4.75%. The second-straight rate cut followed a larger, half-point reduction in September, extending efforts to keep the US economic expansion on solid footing. Powell said the US presidential election will have “no effects” on the central bank’s policy decisions in the near-term, noting it’s too early to know the timing or substance of any potential fiscal policy changes. Federal Reserve Chair Jerome Powell said he would not resign from his role if asked to do so by a re-elected Donald Trump, following the Fed’s decision Thursday to lower interest rates by a quarter percentage point.

The week ahead — Economic data from Econoday.com:

1. US Economy Expands at 2.8% Rate, Powered by Resilient Consumer — Gross domestic product, a measure of all the goods and services produced during the three-month period from July through September, increased at a 2.8% annualized rate, according to a Commerce Department report Wednesday that is adjusted for inflation and seasonality.
Economists surveyed by Dow Jones had been looking for an increase of 3.1%. The economy accelerated at a 3% pace in the second quarter. However, resilient consumer spending, which accounts for about two-thirds of all activity, has helped keep the economy moving, as has a relentless wave of government spending that pushed the budget deficit to more than $1.8 trillion in fiscal 2024.
2. Key US Inflation Gauge and Spending Pick Up in Solid Economy — The so-called core personal consumption expenditures price index, which strips out volatile food and energy items, increased 0.3% in September, and 2.7% from a year earlier, according to Bureau of Economic Analysis data out Thursday. Overall inflation was 2.1%, the lowest since early 2021 and just above the central bank’s 2% goal. Thursday’s figures cap a month of upside surprises in key economic reports that will likely augur a cautious approach to rate cuts in the months ahead. The Fed is widely expected to authorize a second reduction at the conclusion of its Nov. 6-7 policy meeting following an initial cut in September.
3. US Payrolls Increase by Just 12,000, Hit by Storms and Strikes — Nonfarm payrolls increased 12,000 last month, and hiring over the previous two months was weaker than previously thought, suggesting the underlying labor market continues to cool. The unemployment rate held at 4.1% and hourly earnings ticked up, according to Bureau of Labor Statistics figures released Friday.
BLS said two hurricanes that hit the Southeast US likely affected hiring in some industries, but it wasn’t possible to quantify the net effect on the change in employment, hours or earnings last month. There was no discernible effect on the unemployment rate, however. The report also showed manufacturing jobs plunged, largely reflecting strike activity in October.
4. Post U.S. Election Market Stat — The major benchmarks on average have seen gains between Election Day and year-end in the presidential election year going back to 1980, according to CNBC data. However, the three indexes have all averaged declines in the session and week following those voting days. Stocks have tended to erase most or all of those losses within a month

The week ahead — Economic data from Econoday.com:

“It is not the strongest or the most intelligent who will survive but those who can best manage change.”
– Charles Darwin

1. US Previously Owned Home Sales Fall to an Almost 14-Year Low — Contract closings decreased 1% from a month earlier to a 3.84 million annualized rate, according to figures released Wednesday from the National Association of Realtors. Economists surveyed by Bloomberg expected a 3.88 million pace, based on the median projection. Many buyers and sellers are waiting for home financing costs to fall from their current perch in the mid-6% range. Mortgage rates, which slid to a two-year low in September, have climbed after recent job market and inflation data boosted bets the Federal Reserve will take a more gradual approach to reducing borrowing costs. The resale market has largely been stuck for the past two years, barely moving much above or below an annualized rate of 4 million homes on a monthly basis. A major factor has been the so-called lock-in effect, or homeowners’ reluctance to list their homes and surrender their lower mortgage rate.
2. U.S. Economy Again Leads the World, IMF Reported — The International Monetary Fund highlights those divergent paths in its latest global scorecard, released Tuesday. In what has become something of a trend, the IMF upgraded the outlook for both U.S. and global growth, though more for the former.
The IMF projects U.S. gross domestic product to expand 2.5% in the fourth quarter from a year earlier—half a percentage point higher than a July forecast, which itself was an upgrade from a January estimate. U.S. output rose 3.2% in 2023. For 2025, the IMF projects the U.S. to grow 1.9%, versus 1.7% for all advanced economies and 3.1% for the global economy. China, the world’s second-largest economy, is expected to post 4.5% growth this year—a slight downgrade from a prior estimate—and 4.7% in 2025, after expanding 5.4% last year. The euro area’s economy is expected to grow 1.2% this year and 1.3% next year, after expanding 0.2% last year.
3. Tesla Reports Higher Profit in Third Quarter — The Austin, Texas-based automaker said it recognized its second-highest quarter of regulatory-credit revenue, which comes from other automakers buying them to keep up with emissions requirements. Its energy business also stood out, helping to offset a decline in selling prices for many of its models. Net income was $2.2 billion for the July-to-September period, a 17% increase from a year earlier and lifted in large part by higher sales of regulatory credits to other automakers and the strength of Tesla’s energy business. Global deliveries also rose in the third quarter, helping to boost revenue by 8% to $25.2 billion. The company’s closely watched operating margin was 10.8%, up from 7.6% a year earlier.

The week ahead — Economic data from Econoday.com:

“You need to know very well when to move away, or give up the loss, and not allow the anxiety to trick you into trying again.” – Warren Buffett

1. New York Manufacturing Contracts as Orders, Shipments Weaken — The Federal Reserve Bank of New York’s October general business conditions index slid 23.4 points to a five-month low of minus 11.9, figures issued Tuesday showed. Readings below zero indicate contraction, and the figure was weaker than all estimates in a Bloomberg survey of economists. At the same time, the six-month outlook for overall activity increased to a three-year high of 38.7, indicating the state’s manufacturers are more upbeat about the economy’s prospects. A measure of current new orders dropped nearly 20 points to minus 10.2 after climbing a month earlier to the highest since April 2023. The index of shipments decreased almost 21 points to minus 2.7.
The employment index, however, rebounded to 4.1 — the first expansion in a year — while a measure of hours worked also climbed.
2. China Security Group Urges Review of Intel’s Chips as Tech Tension With U.S. Rises — The CyberSecurity Association of China on Wednesday urged for the review by the nation’s regulator, claiming that Intel’s products have shown security vulnerabilities and high failure rates and pose a national-security threat to the country. The call could be a precursor to an official investigation in one of Intel’s most important markets by the powerful Cyberspace Administration of China, which last year conducted a cybersecurity review of another American chip maker, Micron Technology MU 4.72%increase; green up pointing triangle. That review identified “significant security risks” in Micron’s products, and the administration directed major operators of IT infrastructure in the country not to buy them. Micron estimated that the ban would reduce its sales by a low double-digit percentage.
3. Retail sales rose 0.4% in September, better than expected — Retail sales increased a seasonally adjusted 0.4% on the month, up from the unrevised 0.1% gain in August and better than the 0.3% Dow Jones forecast, according to the advance report. Excluding autos, sales accelerated 0.5%, better than the forecast for just a 0.1% rise. The numbers are adjusted for seasonal factors but not inflation, which rose 0.2% on the month as measured by the consumer price index.
In other economic news Thursday, initial unemployment claim filings totaled a seasonally adjusted 241,000, a decline of 19,000 and lower than the estimate for 260,000, the Labor Department reported. Together, the reports show that consumers, who power about two-thirds of all economic activity in the U.S., are still spending and the labor market is holding up after signs of weakening through the summer.
4. Chinese Growth Comes in Cooler as Investors Pin Hopes on Stimulus — The growth figure China released Friday will do little to buoy sentiments. China’s economy expanded 4.6% in the July-to-September quarter compared with the year-earlier period. That was a touch slower than the 4.7% year-over-year expansion in the second three months of the year..Pan Gongsheng, governor of the People’s Bank of China, said on Friday that benchmark interest rates could be cut as soon as Monday. In mainland China, the benchmark CSI 300 index closed up 3.6%. In Hong Kong, the Hang Seng Index also closed 3.6% higher. Expectations are high that a committee of China’s legislature, the National People’s Congress, will sign off on a big new fiscal package, possibly running into hundreds of billions of dollars of extra government borrowing, when it convenes later this month.

The week ahead — Economic data from Econoday.com:

“The goal of a successful trader is to make the best trades. …” — unknown

1. Iran Launches Ballistic Missiles at Israel as US Vows to Defend — The Israeli military on Tuesday said Iran fired more than 100 ballistic missiles directly at the country, an escalation in the battle between the Middle Eastern rivals fought mainly so far through proxies. Iranian state TV said the Islamic Revolutionary Guard Corps launched “tens of ballistic missiles” at Israel in retaliation for the killing of Hamas and Hezbollah leaders and an Iranian general. It targeted “important security and military sites” and threatened “more devastating attacks” if Israel responded.
2. US Services Activity Expands at Fastest Pace Since Early 2023 — The Institute for Supply Management’s index of services advanced 3.4 points to 54.9 last month, the group said Thursday. Readings above 50 indicate expansion, and the latest figure exceeded all projections in a Bloomberg survey of economists. The group’s new orders gauge jumped 6.4 points, the most since the start of 2023. Combined with a four-month high in a measure of business activity, which parallels the ISM’s factory output gauge, the data suggest the economy was on solid footing at the end of the third quarter. Twelve industries reported growth last month, led by real estate, management of companies and support services, and accommodation and food services.
3. US Hiring Tops All Estimates, While Jobless Rate Falls to 4.1% — Nonfarm payrolls increased 254,000 in September, the most in six months, following an upwardly revised 72,000 advance over the prior two months. The unemployment rate fell to 4.1% and hourly earnings increased 4% from a year earlier, according to Bureau of Labor Statistics’ figures released Friday. Combined with data earlier this week showing that demand for workers is still healthy while layoffs remain low, the payrolls report is likely to alleviate concerns that the labor market is deteriorating. The figures also showed fewer Americans were working part-time for economic reasons and people who recently lost their jobs were able to find work elsewhere. The gain in hiring last month was driven by leisure and hospitality, as well as health care and government. The payrolls diffusion index, which measures the breadth of changes in private employment, rose to the highest since the start of the year. Manufacturers, however, cut jobs for a second month.
4. Food Prices Rose at Fastest Rate in 18 Months in September, UN Says — The FAO’s food price index, which tracks global prices for a basket of staple foods, averaged 124.4 points in September, up 3.0% from August and 2.1% higher on year. The index increased at the fastest on-month rate since March 2022. In August, food prices stood at 120.7 points. Sugar prices rose 10.4% in September, driven by falling Brazilian crop prospects on prolonged dry weather and fires in August, and worries that India’s decision to lift ethanol production restrictions on sugarcane could hit export availabilities. Cereal prices rose 3% on higher wheat and corn export prices. International wheat price increases largely reflect concerns of excessively wet conditions in Canada and the European Union, albeit partially offset by competitively priced supplies from the Black Sea region.
5. Port strike ends as workers agree to tentative deal on wages and contract extension — A major union for U.S. dockworkers and the United States Maritime Alliance agreed on Thursday to a tentative deal on wages and have extended their existing contract through Jan. 15 to provide time to negotiate a new contract. ILA wages will increase 61.5% over six years under the tentative agreement, sources told CNBC. For every day of a strike, it can take up to a week to unwind the congestion and delays that build up within the supply chain. According to Everstream Analytics, this three-day all-out strike will likely take minimum three weeks to return to normal operations at U.S. ports.
The number of container ships waiting outside of U.S. Gulf and East Coast ports had decreased from Thursday night to Friday morning, down to 54, according to Everstream, as ships moved into the ports of Savannah and Charleston ahead of terminal reopenings. But its data showed that at the Port of New York-Newark, there had been an increase in ships at anchor. In all, 386,000 twenty-foot equivalent container units were waiting to be moved into ports.

The week ahead — Economic data from Econoday.com:

‘Buy on the cannons, sell on the trumpets’ — Nicholas Vardy

1. China Tries to Jolt Ailing Economy — The People’s Bank of China cut its benchmark interest rate and lower the amount of cash that banks need to hold in reserve—a bid to free up more resources for lending. It also said it would cut the interest rate payable on existing mortgages and lower down payments for second homes. At a press conference in Beijing, PBOC Gov. Pan Gongsheng said further easing is in the pipeline, with another reduction in bank reserve requirements expected before year-end.
The central bank also announced it would offer 500 billion yuan in loans, equivalent to roughly $70 billion, to funds, brokers and insurers to buy Chinese stocks as part of an effort to lift the country’s ailing stock market. It said it would put up another 300 billion yuan to finance share buybacks by listed companies.
2. Key Fed inflation gauge at 2.2% in August, lower than expected — The personal consumption expenditures price index, a gauge the Fed focuses on to measure the cost of goods and services in the U.S. economy, rose 0.1% for the month, putting the 12-month inflation rate at 2.2%, down from 2.5% in July and the lowest since February 2021.
Economists surveyed by Dow Jones had been expecting all-items PCE to rise 0.1% on the month and 2.3% from a year ago. Excluding food and energy, core PCE rose 0.1% in August and was up 2.7% from a year ago, the 12-month number 0.1 percentage point higher than July. Fed officials tend to focus more on core as a better measure of long-run trends. The respective forecasts were for 0.2% and 2.7% on core.
3. Netanyahu Pledges to Continue Fight Against Hezbollah in U.N. Address — Israeli Prime Minister Benjamin Netanyahu vowed to continue his country’s military campaign against Hezbollah in Lebanon, amid U.S.-led efforts to seek a diplomatic solution before all-out war breaks out. Netanyahu’s comments came after Israel shot down a missile that was fired from Yemen by the Iran-aligned Houthi rebels. It was the third time in the past two weeks that Israel’s central area—where a majority of its population resides—has been targeted and signaled the risk of a widening conflict as the fighting in Gaza and Lebanon continues. The Biden administration is pressing for Israel and Hezbollah, a U.S.-designated terrorist group, to pause their escalating attacks, hoping to avert a ground war that could escalate into a regional conflagration. The U.S. and France, backed by allies, in a joint statement called for a 21-day pause in the fighting on the Israel-Lebanon border.

The week ahead — Economic data from Econoday.com:

1. US Retail Sales Post Surprise Gain, Helped by Online Stores — The value of retail purchases, unadjusted for inflation, increased 0.1% after a revised 1.1% gain in July, Commerce Department data showed Tuesday. Excluding autos and gasoline stations, sales advanced for fourth month. Five of the report’s 13 categories posted increases, while others such as electronics and appliances, clothing and furniture fell. E-commerce merchants posted a solid 1.4% gain. Receipts at gasoline service stations decreased, reflecting cheaper prices at the pump.
The retail sales report showed so-called control-group sales — which are used to calculate gross domestic product — rose 0.3% in August. The measure excludes food services, auto dealers, building materials stores and gasoline stations.
2. Fed Cuts Rates by Half Point in Decisive Bid to Defend Economy — The Federal Reserve lowered its benchmark interest rate by a half percentage point Wednesday, an aggressive start to a policy shift aimed at bolstering the US labor market. Projections released following their two-day meeting showed a narrow majority, 10 of 19 officials, favored lowering rates by at least an additional half-point over their two remaining 2024 meetings. Seven policymakers supported another quarter-point rate reduction this year, while two opposed any further moves. The Federal Open Market Committee voted 11 to 1 to lower the federal funds rate to a range of 4.75% to 5%, after holding it for more than a year at its highest level in two decades. It was the Fed’s first rate cut in more than four years.
3. Jobless Claims: Weekly jobless claims remained stable, suggesting a strong labor market.
4. Consumer Spending: Retail sales saw moderate growth, reflecting healthy consumer spending, though some sectors raised concerns about potential slowdowns.
5. The Most Volatile Days for Stocks Before the Election, According to the Options Market — according to a team of strategists at Bank of America, who plotted what options traders are expecting each day before expiry. Traders anticipate swings of more than 1% in either direction on Oct. 4 and Nov. 1, when the September and October jobs reports are due to be released. Two other economic reports also have notable market-moving potential: the September CPI report, due Oct. 10, and the September retail sales report, on Oct. 17.
Options are also bracing for a roller-coaster ride during the week that starts on Oct. 21, one of the busiest of the coming third-quarter earnings reporting season. The week will feature results from Alphabet Inc., Microsoft, Meta and Amazon.

The week ahead — Economic data from Econoday.com:

A peak performance trader is totally committed to being the best and doing whatever it takes to be the best. … Unknown

1. Core US Inflation Picks Up, Damping Odds of Outsize Fed Cut — the so-called core consumer price index — which excludes food and energy costs — increased 0.3% from July, the most in four months, and 3.2% from a year ago, Bureau of Labor Statistics figures showed Wednesday. The three-month annualized rate advanced 2.1%, picking up from 1.6% in July, according to Bloomberg calculations.
Economists see the core gauge as a better indicator of underlying inflation than the overall CPI. That measure climbed 0.2% from the prior month and 2.5% from a year ago in August, marking the fifth straight month the annual measure has eased and dragged down by cheaper gasoline prices.
2. Battery Maker Northvolt to Cut Jobs Amid Cooling EV Market — the Swedish battery maker is facing a challenging time as the adoption of EVs in Europe has slowed sharply on concerns over new trade tariffs, the withdrawal of some government incentives and a sluggish rollout of charging infrastructure. Meanwhile, European automakers are also facing increasingly stiff competition from lower-cost Chinese rivals, which have priced their vehicles aggressively and gained a foothold across Europe. The tougher backdrop recently saw BMW cancel a 2 billion euro ($2.22 billion) battery order, prompting Northvolt to reassess its growth strategy.
3. US Producer Prices Pick Up Slightly After Downward Revisions — the producer price index for final demand increased 0.2% from a month earlier following a flat reading in July, according to a Bureau of Labor Statistics report released Thursday. The median forecast in a Bloomberg survey of economists called for a 0.1% gain. Compared with a year ago, the PPI rose 1.7% — the least since early in 2024. A measure of producer prices excluding volatile food and energy categories climbed 0.3% in August from the prior month, and 2.4% from a year ago.
4. ECB Cuts Rates Again as Inflation Fades and Economy Stumbles — The European Central Bank lowered interest rates for the second time this year with inflation receding toward 2% and concerns about the economy building. The key deposit rate was cut by 25 basis points to 3.5% — as all analysts polled by Bloomberg predicted. The ECB reiterated that it can’t commit to a specific course for borrowing costs. Like its global peers, the ECB is getting more confident that consumer-price growth is returning to target following its historic spike. The euro zone’s 20-nation economy, meanwhile, is losing momentum. Households are failing to support the rebound that began earlier in the year and manufacturers remain in the doldrums due to soft demand from outside the single currency area.

The week ahead — Economic data from Econoday.com:

When in doubt, get out and get a good night’s sleep. I’ve done that lots … When you get out, then you can think clearly again. Michael Marcus

1. US Job Openings Decline to Lowest Level Since January 2021 — US job openings fell in July to the lowest since the start of 2021 and layoffs rose, consistent with other signs of slowing demand for workers. Available positions decreased to 7.67 million from a downwardly revised 7.91 million reading in the prior month, the Bureau of Labor Statistics Job Openings and Labor Turnover Survey, known as JOLTS, showed Wednesday. The figure was lower than all estimates in a Bloomberg survey of economists. After July’s disappointing jobs figures and a large downward revision to payrolls in the past year, Fed officials and market participants are paying close attention to the August employment data due Friday — especially if another weak report could prompt an outsize rate cut.
2. Fed’s Beige Book Shows Stagnant, Declining US Economic Activity — Economic activity was flat or declining across most regions in the US in recent weeks, the Federal Reserve said in its Beige Book survey of regional contacts. Employment levels were generally flat to up slightly, according to the report released Wednesday. While reports of layoffs were rare, some firms noted cutting shifts and hours, leaving advertised positions unfilled or reducing headcount through attrition. The number of districts reporting flat or declining activity rose to nine in recent weeks, up from five in the prior period. Economic activity grew in three districts. Contacts, however, generally expected economic activity to remain stable or improve somewhat in coming months.
3. August payrolls grew by a less-than-expected 142,000, but unemployment rate ticked down to 4.2% — Nonfarm payrolls expanded by 142,000 during the month, up from 89,000 in July and below the 161,000 consensus forecast from Dow Jones, according to a report Friday from the Labor Department’s Bureau of Labor Statistics. At the same time, the unemployment rate ticked down to 4.2%, as expected. The labor force expanded by 120,000 for the month, helping push the jobless level down by 0.1 percentage point, though the labor force participation rate held at 62.7%. An alternative measure that includes discouraged workers and those holding part-time jobs for economic reasons edged up to 7.9%, its highest reading since October 2021. The household survey, which is used to calculate the unemployment rate and is often more volatile than the survey of establishments, showed employment growth of 168,000. The balance, though, tilted toward part-time employment, which increased by 527,000, while full-time fell by 438,000.

The week ahead — Economic data from Econoday.com:

When in doubt, get out and get a good night’s sleep. I’ve done that lots of times and the next day everything was clear… While you are in [the position], you can’t think. When you get out, then you can think clearly again. — Michael Marcus

1. US Economy Expands at Revised 3% Rate on Resilient Consumer — Gross domestic product rose at a 3% annualized rate during the April-June period, up from the previous estimate of 2.8%, according to Bureau of Economic Analysis figures published Thursday. The economy’s main growth engine — personal spending — advanced 2.9%, versus the prior estimate of 2.3%. The other main gauge of economic activity — gross domestic income — rose a more moderate 1.3% in the government’s first estimate for the period, matching the first-quarter gain. Whereas GDP measures spending on goods and services, GDI measures income generated and costs incurred from producing those same goods and services. The average of the two growth measures was 2.1%.
2. US Pending Home Sales Gauge Drops to Lowest on Record — A National Association of Realtors index of contract signings fell 5.5% to 70.2 last month, the lowest in data back to 2001, the group said Thursday. The drop was larger than all estimates in a Bloomberg survey of economists and reflected declining sales in all four major regions. “The positive impact of job growth and higher inventory could not overcome affordability challenges and some degree of wait-and-see related to the upcoming US presidential election,” NAR Chief Economist Lawrence Yun in a statement.
The previously owned home market has been hamstrung by high borrowing costs and lean inventory for nearly two years. While mortgage rates have declined this month to the lowest in over a year, high prices and limited inventory are deterring prospective buyers who might still be holding out for cheaper rates.
3. Apple, Nvidia Are in Talks to Invest in OpenAI — The investment would be part of a new OpenAI fundraising round that would value the ChatGPT maker above $100 billion, people familiar with the situation said. The Wall Street Journal reported Wednesday that venture-capital firm Thrive Capital is leading the round, which will total several billion dollars, and Microsoft MSFT 0.61%increase; green up pointing triangle is also expected to participate. It couldn’t be learned how much Apple, Nvidia or Microsoft will invest into OpenAI this round. To date, Microsoft has been the primary strategic investor in OpenAI. It owns a 49% share of the AI startup’s profits after investing $13 billion since 2019. Apple in June announced OpenAI as the first official partner for Apple Intelligence, its system for infusing AI features throughout its operating system. The new AI will feature an improved Siri voice assistant, text proofreading and creating custom emojis.
4. Fed Favored Inflation Gauge’s Mild Gain Sets Stage for Rate Cut — The so-called core personal consumption expenditures price index, which strips out volatile food and energy items, increased 0.2% from June, according to Bureau of Economic Analysis data out Friday. On a three-month annualized basis — a metric economists say paints a more accurate picture of the trajectory of inflation — it advanced 1.7%, the slowest this year. While spending picked up, income growth was much more sluggish and the saving rate declined. That may raise questions about the durability of consumer spending going forward. Friday’s report supports the view that it’s time to begin unwinding the restrictiveness of monetary policy. Combined with emerging cracks in the labor market, the sustained cooling in inflation explains why Fed Chair Jerome Powell said last week “the time has come” for central bankers to start lowering borrowing costs, likely next month.

The week ahead — Economic data from Econoday.com: