The Independent Market Observer

Economic Release Snapshot: Service Sector Confidence Improves in August

Posted by Sam Millette

This entry was posted on Sep 11, 2023 7:50:24 AM

and tagged In the News

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Monday UpdateEach week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead.

Reports for the Week of September 4

International trade report, July (Wednesday)

  • Expected/prior trade balance: –$68.0 billion/–$63.7 billion
  • Actual trade balance: –$65.0 billion

The trade deficit widened less than expected in July, as exports rose 1.6 percent while imports were up 1.7 percent. High levels of domestic consumer demand drove the rise in imports.

ISM Services, August (Wednesday)

  • Expected/prior ISM Services index: 52.5/52.7
  • Actual ISM Services index: 54.5

Service sector confidence improved more than expected in August, as high levels of consumer demand brought the index to a 6-month high.

Upcoming Reports for the Week of September 11

Consumer Price Index, August (Wednesday)

Consumer inflation is set to rise by 0.6 percent during the month, with year-over-year price growth expected to rise from 3.2 percent in July to 3.6 percent in August.

Retail sales, August (Thursday)

Retail sales are set to grow modestly in August following a larger-than-expected surge in July.

Producer Price Index, August (Thursday)

Producer prices are expected to increase 0.4 percent in August; however, year-over-year producer inflation is set to remain muted at 1.4 percent.

Industrial production, August (Friday)

Industrial production is set to increase by a modest 0.1 percent in August following a larger-than-expected 1 percent increase in July.

University of Michigan consumer sentiment survey, September, preliminary

The first estimate for consumer sentiment in September is expected to show a modest decline for the index, which would mark two consecutive months of declines if estimates prove to be accurate.


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