As traders approach another pivotal day for financial markets, a series of crucial economic data releases that could sway market dynamics are expected on Friday, November 1, 2024. The spotlight will be on the highly anticipated nonfarm payrolls report, unemployment rate, and manufacturing sector indicators, which are set to provide valuable insights into the health of the U.S. economy.
Major Economic Events to Watch:
• 8:30 AM ET: Nonfarm Payrolls (Oct) - Forecast: 108K, Previous: 254K. Measures change in employment excluding the farming industry.
• 8:30 AM ET: Unemployment Rate (Oct) - Forecast: 4.1%, Previous: 4.1%. Percentage of total workforce unemployed and actively seeking employment.
• 8:30 AM ET: Average Hourly Earnings (MoM) (Oct) - Forecast: 0.3%, Previous: 0.4%. Measures change in the price businesses pay for labor.
• 9:45 AM ET: Manufacturing PMI (Oct) - Forecast: 47.8, Previous: 47.8. Indicates activity level of purchasing managers in the manufacturing sector.
• 10:00 AM ET: ISM Manufacturing PMI (Oct) - Forecast: 47.6, Previous: 47.2. Composite index based on surveys of manufacturing executives.
Other Important Economic Events to Watch:
• 8:30 AM ET: Private Nonfarm Payrolls (Oct) - Forecast: 115K, Previous: 223K. Measures change in private sector employment.
• 8:30 AM ET: Average Hourly Earnings (YoY) (Oct) - Forecast: 4.0%, Previous: 4.0%. Year-over-year change in wages.
• 8:30 AM ET: Participation Rate (Oct) - Previous: 62.7%. Measures the share of working-age population in the labor force.
• 10:00 AM ET: ISM Manufacturing Prices (Oct) - Forecast: 48.9, Previous: 48.3. Indicates inflationary pressures in the manufacturing sector.
• 10:00 AM ET: Construction Spending (MoM) (Sep) - Forecast: 0.0%, Previous: -0.1%. Measures change in the total amount spent on construction.
• 10:00 AM ET: ISM Manufacturing Employment (Oct) - Previous: 43.9. Indicates employment trends in the manufacturing sector.
• 1:00 PM ET: Baker Hughes U.S. Rig Count - Previous: 480. Barometer for oil drilling industry activity.
• 1:00 PM ET: U.S. Baker Hughes Total Rig Count - Previous: 585. Total active drilling rigs in the U.S.
• 2:00 PM ET: Atlanta Fed GDPNow (Q4) - Forecast: 2.7%, Previous: 2.7%. Running estimate of real GDP growth for the current quarter.
• 3:30 PM ET: CFTC S&P 500 speculative positions - Previous: 23.0K. Indicates market sentiment for S&P 500 futures.
Other Economic Events to Watch:
• 8:30 AM ET: Manufacturing Payrolls (Oct) - Forecast: -3K, Previous: -7K. Measures change in manufacturing sector employment.
• 8:30 AM ET: Average Weekly Hours (Oct) - Forecast: 34.2, Previous: 34.2. Average number of hours worked by non-farm employees.
• 8:30 AM ET: Government Payrolls (Oct) - Previous: 31.0K. Measures change in government sector employment.
• 8:30 AM ET: U6 Unemployment Rate (Oct) - Previous: 7.7%. Broader measure of unemployment including underemployed workers.
• 9:00 AM ET: Dallas Fed PCE (Sep) - Previous: 1.50%. Measure of core inflation using personal consumption expenditures.
• 10:00 AM ET: ISM Manufacturing New Orders Index (Oct) - Previous: 46.1. Indicates new orders received by manufacturers.
• 3:30 PM ET: CFTC Aluminium, Copper, Silver, Natural Gas, Wheat, Corn, and Soybeans speculative positions. Indicates market sentiment for various commodities.
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.