U.S., eurozone, and U.K. PMIs, JOLTS, and non-farm payrolls will shape investor expectations on growth and Fed policy.
The week kicks off with manufacturing PMIs for the eurozone, U.K., and U.S. on Monday, followed by the U.S. JOLTS job openings report on Tuesday. Consensus expects the U.S. ISM manufacturing PMI at 54.0, up from 53.3, though risks remain tilted lower after July’s flash PMI dip.
Wednesday brings New Zealand’s employment data, with unemployment expected to rise to 5.4% from 5.3%, signaling softer labor conditions. Services PMIs for the eurozone, U.K., and U.S. will also be released, with the U.S. ISM services PMI seen at 54.5, up from 54.0. Friday’s U.S. non-farm payrolls and Canada’s jobs report will cap the week, alongside FOMC member remarks.
Markets will watch for signs of cooling labor markets, which could influence Fed rate-cut expectations. Analysts note the prior quarter’s unexpected unemployment drop in New Zealand may reverse, adding to global growth concerns.