Monday Morning Meeting Notes (09/04/2023)

General Info:

• U.S. personal consumption expenditures (PCE) were broadly in-line with estimates in July
• PCE increased 0.2% month-over-month and 3.3% year-over-year
• Core PCE, the Fed’s preferred inflation measure, increased 0.2% month-over-month and 4.2% year-over-year
• U.S. employment report for August showed 187,000 new jobs added (vs. an estimate of 168,000)
• The labor force participation rate increased from 62.6% to 62.8%, which led the unemployment rate rising from 3.5% to 3.8%
• Net revisions for the prior two months detracted 110,000 jobs
• Fun Fact: The largest volcano in our solar system is on Mars. Olympus Mons is 13.6 miles high (72,000 feet!), which is around 2.5 times higher than Mount Everest's height above sea level

Monday 09/04:

• U.S. financial markets are closed for the Labor Day holiday

Tuesday 09/05:

• S&P Global Services PMI data for the Eurozone, U.K., Germany, France, and India
• China Caixin Services PMI
• U.S. Senate returns from its summer recess

Wednesday 09/06:

• Sprinklr reports earnings
• S&P Global Services PMI data for the U.S.
• Eurozone retail sales
• The Federal Reserve (Fed) issues its Beige Book economic survey
• Bank of Canada monetary policy meeting

Thursday 09/07:

• DocuSign and ABM Industries report earnings
• U.S. initial jobless claims and continuing claims data
• Final reading of Eurozone’s Q2 2023 GDP

Friday 09/08:

• Kroger reports earnings
• U.S. consumer credit for July
• Final reading of Japan’s Q2 2023 GDP
• Germany consumer price index (CPI) for August