Next Week’s Macro Outlook: Major Nonfarm Payrolls and PCE on Deck—Micron Reports After the Close on Wednesday
On September 27, the highlight of next week’s data calendar is Friday’s U.S. Nonfarm Payrolls employment report. The report includes three key figures: nonfarm payroll employment, the unemployment rate, and average hourly earnings. These are directly tied to the Federal Reserve’s rate-path outlook, making them a notably weighty employment data point ahead of the October FOMC meeting. Here are the key items the market will focus on in the new week (all times Beijing time): Wednesday 20:15—U.S. September ADP Employment; Wednesday 20:30—U.S. August Core PCE inflation (YoY); Thursday 16:00—remarks by the Bank of England Governor Bailey; Thursday 20:30—U.S. initial jobless claims for the week ending September 26; Thursday 21:30—remarks by the ECB President Lagarde; Friday 20:30—U.S. September seasonally adjusted Nonfarm Payrolls employment and the unemployment rate. Starting early Wednesday morning, public events by Federal Reserve officials will ramp up. In 2027, FOMC voting member Goolsbee (Chicago Fed President) and 2028 FOMC voting member Musalem (St. Louis Fed President) will speak in sequence. FOMC permanent voting member Williams (New York Fed President) will deliver a keynote speech at the University at Buffalo. On Thursday, Fed Governor Cook, Minneapolis Fed President Kashkari, and Richmond Fed President Barkin will speak back-to-back. On Friday, Williams and Dallas Fed President Logan will still have public events. As for U.S. equities: Micron (MU.O) will release earnings after the close on Wednesday; on Thursday, Nike (NKE.N) will publish its latest quarterly earnings. The two companies correspond to the storage-chip theme and the consumer-demand theme, respectively.
On September 27, the highlight of next week’s data calendar is Friday’s U.S. Nonfarm Payrolls employment report. The report includes three key figures: nonfarm payroll employment, the unemployment rate, and average hourly earnings. These are directly tied to the Federal Reserve’s rate-path outlook, making them a notably weighty employment data point ahead of the October FOMC meeting. Here are the key items the market will focus on in the new week (all times Beijing time): Wednesday 20:15—U.S. September ADP Employment; Wednesday 20:30—U.S. August Core PCE inflation (YoY); Thursday 16:00—remarks by the Bank of England Governor Bailey; Thursday 20:30—U.S. initial jobless claims for the week ending September 26; Thursday 21:30—remarks by the ECB President Lagarde; Friday 20:30—U.S. September seasonally adjusted Nonfarm Payrolls employment and the unemployment rate. Starting early Wednesday morning, public events by Federal Reserve officials will ramp up. In 2027, FOMC voting member Goolsbee (Chicago Fed President) and 2028 FOMC voting member Musalem (St. Louis Fed President) will speak in sequence. FOMC permanent voting member Williams (New York Fed President) will deliver a keynote speech at the University at Buffalo. On Thursday, Fed Governor Cook, Minneapolis Fed President Kashkari, and Richmond Fed President Barkin will speak back-to-back. On Friday, Williams and Dallas Fed President Logan will still have public events. As for U.S. equities: Micron (MU.O) will release earnings after the close on Wednesday; on Thursday, Nike (NKE.N) will publish its latest quarterly earnings. The two companies correspond to the storage-chip theme and the consumer-demand theme, respectively.