Previewing next week's key macroeconomic events in the United States, "We look for the ISM index to retreat modestly to 51 for August, continuing to reflect the subdued outlook for manufacturing," said TD Securities analysts. "We also expect payrolls to trend lower to 145k in August, driven by a moderation in manufacturing employment and slower job creation in the services sector."
"The unemployment rate should remain steady at 3.7%, while wage growth likely declined to 3.0% y/y."
"A slew of Fed officials including Fed Chair Powell, NY Fed's Williams, and voters Evans and Rosengren will take the stage next week before the blackout period starts."
"We don't anticipate Chair Powell or Williams to deviate much from the Jackson Hole mantra of sustaining the current expansion; while Evans and Rosengren will likely state the dovish and hawkish case, respectively."