Biz Buzz: A daily update on economic and business news
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It's all about the economy this week, as several key government reports should shed light on the current rate of economic growth and the health of the job market.
Monday, August 28:
EARNINGS TO WATCH: China Petroleum and Restoration Hardware
Tuesday, August 29:
FED MINUTES: The Federal Reserve Board will release the minutes of its August monetary-policy meeting today--and the transcript will be mandatory reading on Wall Street. While conventional wisdom says the Fed is probably done raising interest rates, Michael Moskow, president of the Federal Reserve Bank of Chicago, recently warned that further rate hikes could be necessary to combat inflation. Investors will be poring over the Fed minutes to see if other Fed officials share Moskow's concerns about inflation.
CONSUMER CONFIDENCE: The Conference Board will release the latest results of its closely followed index of consumer confidence.
EARNINGS TO WATCH: China National Offshore Oil Corp. and Novell
Wednesday, August 30:
GROSS DOMESTIC PRODUCT: The Commerce Department will update its preliminary estimate of second-quarter economic growth. Last month, the federal government estimated that gross domestic product expanded at an annual rate of 2.5 percent in the second quarter. That was down considerably from the 5.6 percent rate of growth at the start of the year.
EARNINGS TO WATCH: TiVo
Thursday, August 31:
EARNINGS TO WATCH: Diageo, Dollar General, H&R Block, H.J. Heinz, Tiffany, and World Wrestling Entertainment
Friday, September 1:
JOBS REPORT: The Labor Department will report on the unemployment rate and new job creation in August. Investors are banking on a Goldilocks report--one showing that companies continue to hire new workers but not so many that economists begin to worry about inflation.
CONSUMER SENTIMENT: Today, the University of Michigan releases the results of its closely watched gauge of household sentiment.
ISM INDEX: The Institute for Supply Management will release the latest results of its manufacturing index, which gauges the health of the nation's factory sector.
AUTO SALES: The Big Three automakers are scheduled to release their latest monthly sales data.
