Economic Release Snapshot: Service Sector Confidence Improves in July

Each 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 August 5

ISM Services, July (Monday)

• Expected/Prior ISM Services index: 51.0/48.8
• Actual ISM Services index: 51.4

Service sector confidence rebounded sharply in July after briefly falling into contractionary territory in June.

Trade balance, June (Tuesday)

• Expected/prior trade deficit: –$72.5 billion/–$75.0 billion
• Actual trade deficit: –$73.1 billion

The trade deficit shrank less than expected in June. Despite the miss against expectations, this result represented the smallest monthly deficit in three months.

Upcoming Reports for the Week of August 12

Producer Price Index, July (Tuesday)
Producer prices are set to rise 0.2 percent in July, which would be in line with June’s increase.

Consumer Price Index, July (Wednesday)
Year-over-year consumer inflation in July is expected to remain flat at 3.0 percent following a larger-than-expected slowdown in June.

Retail sales, July (Thursday)
Retail sales are set to rise 0.3 percent in July after coming in flat in June. Core sales are set to show a more modest 0.2 percent increase.

Industrial production, July (Thursday)
Industrial production is expected to fall slightly in July after rising more than expected in June.

National Association of Home Builders Housing Market Index, August (Thursday)
Home builder confidence is expected to remain unchanged in August, which would leave the index in contractionary territory for the fourth consecutive month.

Housing starts and building permits, July (Friday)
These two measures of new home construction are set to fall in July.

University of Michigan consumer sentiment survey, August, preliminary (Friday)
The first look at consumer sentiment in August is expected to show modest improvements during the month.