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ADP jobs data, services PMI, and Fed's Powell speech top Wednesday's agenda

Published 03/12/2024, 19:02
© Reuters.

As traders approach another pivotal day for financial markets on Wednesday, December 4, 2024, a series of crucial economic data releases and a key speech from Federal Reserve Chair Jerome Powell are expected to sway market dynamics. The ADP Nonfarm Employment Change, Services PMI, ISM Non-Manufacturing PMI, and EIA Crude Oil Inventories will provide insights into various sectors of the U.S. economy, while Powell's remarks could offer clues about future monetary policy.

Major Economic Events to Watch

• 8:15 AM ET - ADP Nonfarm Employment Change: Forecast 166K, Previous 233K. A measure of private sector employment change.

• 9:45 AM ET - Services PMI: Forecast 57.0, Previous 55.0. An indicator of business conditions in the services sector.

• 10:00 AM ET - ISM Non-Manufacturing PMI: Forecast 55.5, Previous 56.0. A comprehensive measure of the non-manufacturing sector's economic health.

• 10:30 AM ET - EIA Crude Oil Inventories: Previous -1.844M. Weekly change in commercial crude oil stocks.

• 1:45 PM ET - Fed Chair Powell Speaks: Potential hints about future monetary policy.

Other Important Economic Events to Watch

• 9:45 AM ET - S&P Global Composite PMI: Forecast 55.3, Previous 54.1. A combined measure of manufacturing and services sector activity.

• 10:00 AM ET - Factory Orders: Forecast 0.3%, Previous -0.5%. Measures change in new purchase orders placed with manufacturers.

• 10:00 AM ET - ISM Non-Manufacturing Employment: Forecast 53.0, Previous 53.0. Employment component of the ISM Non-Manufacturing PMI.

• 10:30 AM ET - EIA Weekly Cushing Oil Inventories: Previous -0.909M. Change in crude oil storage at a key delivery point.

• 2:00 PM ET - Beige Book: Report on current economic conditions across Federal Reserve districts.

Other Economic Events to Watch

• 7:00 AM ET - MBA 30-Year Mortgage Rate: Previous 6.86%. Average fixed 30-year mortgage rate.

• 7:00 AM ET - MBA Mortgage Applications: Previous 6.3%. Change in number of new mortgage applications.

• 7:00 AM ET - MBA Purchase Index: Previous 152.9. Indicator of home sales.

• 7:00 AM ET - Mortgage Market Index: Previous 208.0. Overall measure of mortgage application activity.

• 7:00 AM ET - Mortgage Refinance Index: Previous 501.7. Gauge of mortgage refinancing activity.

• 10:00 AM ET - Factory orders ex transportation: Previous 0.1%. Factory orders excluding transportation sector.

• 10:00 AM ET - Durables Excluding Transport: Previous 0.1%. Durable goods orders excluding transportation sector.

• 10:00 AM ET - Durables Excluding Defense: Forecast 0.4%, Previous 0.4%. Durable goods orders excluding defense sector.

• 10:00 AM ET - ISM Non-Manufacturing New Orders: Forecast 56.6, Previous 57.4. New orders component of ISM Non-Manufacturing PMI.

• 10:00 AM ET - ISM Non-Manufacturing Business Activity: Previous 57.2. Business activity component of ISM Non-Manufacturing PMI.

• 10:00 AM ET - ISM Non-Manufacturing Prices: Forecast 56.4, Previous 58.1. Prices component of ISM Non-Manufacturing PMI.

• 10:30 AM ET - EIA Weekly Crude Imports: Previous -1.886M. Weekly change in crude oil imports.

• 10:30 AM ET - Gasoline Inventories: Previous 3.314M. Weekly change in gasoline stocks.

• 10:30 AM ET - EIA Weekly Distillates Stocks: Previous 0.416M. Weekly change in distillate fuel inventories.

• 10:30 AM ET - EIA Weekly Heatoil Stock: Previous -1.134M. Weekly change in heating oil inventories.

• 10:30 AM ET - EIA Weekly Gasoline Production: Previous 0.457M. Weekly gasoline production.

• 10:30 AM ET - EIA Weekly Refinery Utilization Rates: Previous 0.3%. Percentage of operable refinery capacity in use.

• 10:30 AM ET - EIA Weekly Distillate Fuel Production: Previous 0.259M. Weekly distillate fuel production.

• 10:30 AM ET - EIA Refinery Crude Runs: Previous 0.067M. Amount of crude oil processed by refineries.

• 10:30 AM ET - Natural Gas Storage: Previous -2B. Weekly change in natural gas storage.

For further information and the latest updates, please refer to our Economic Calendar, here.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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