25 October 2020
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Australia: Home prices in focus

Craig James
25 September 2020

On Monday

The week kicks off on Monday when the Australian Bureau of Statistics (ABS) releases experimental estimates of the recent national accounts, covering schools and universities.

On Tuesday

On Tuesday, weekly data on credit and debit card spending from the Commonwealth Bank (CBA) will be issued alongside the weekly read of consumer sentiment from ANZ-Roy Morgan. These timely readings are valuable as investors gauge the impact of COVID-19 on the economy.

On Wednesday

On Wednesday, the ABS releases two publications: Building approvals and Engineering construction. The former covers August council approvals to build new structures while the latter includes infrastructure spending and covers the three months to June. Also, on Wednesday, the Reserve Bank releases the Private sector credit (or lending) data for August. Aussies are in no mood to borrow, unless to buy or build homes. Credit was probably down 0.1% in August.

On Thursday

On Thursday, CoreLogic releases its Home Value report, measuring home prices across the country, with regional estimates provided as well as capital cities. In August, 11 of the 88 SA4, regions had home prices at record highs. Also, on Thursday, Ai-Group and IHS Markit release the results of the separate surveys of purchasing managers in the manufacturing sector. Manufacturing only accounts for 5.4% of the economy but it has broader knock-on effects across sectors.

On Friday

And on Friday, the ABS releases the final estimates for retail spending for August. In preliminary data retail trade was estimated to have fallen 4.2% after three months of solid gains. While the ‘headline’ figure for spending won’t change markedly, the ABS will release the industry and state/territory estimates.

Overseas: Bevy of ‘top shelf’ US economic data releases

There is an impressive array of ‘top shelf’ data in the US over the week including GDP and employment.

On Sunday

The week starts on Sunday in China when industrial profits data for August is scheduled.

On Monday

The week kicks off on Monday in the US with the release of the Dallas Federal Reserve manufacturing index.

On Tuesday

On Tuesday, the weekly Johnson Redbook chain store sales figures are released with advance (preliminary) data on exports and imports of goods for August, Conference Board consumer confidence index, wholesale inventories and the home price series from S&P-Case Shiller.

On Wednesday

On Wednesday in China, results of some surveys of purchasing managers will be issued. The National Bureau of Statistics has results covering manufacturing and services and Caixin covers the manufacturing sector.

On Wednesday in the US, the regular weekly data on US mortgage applications from the Mortgage Bankers Association is released with the ADP survey of private payrolls and final June quarter GDP (gross domestic product or economic activity) estimates. Preliminary data showed that the US economy shrank at a 31.7% annual rate in the quarter. Also, on Wednesday, the influential Chicago purchasing managers index is issued with pending home sales.

On Thursday

On Thursday, data on weekly claims for unemployment benefits (initial jobless claims) is issued with new vehicle sales estimates for September, the ISM and Markit surveys of manufacturing purchasing managers and personal income and spending. The ISM index stood at 56.0 in August – the highest reading since November 2018. Also, on Thursday, data on construction spending is issued with the Challenger series of job cuts.

On Friday

On Friday, the closely-watched labour market report is issued in the US. The main focus is on the non-farm payrolls or employment figures. But the unemployment rate estimate is also released with average hours worked and average hourly earnings. In August, non-farm payrolls rose by 1.371 million with the jobless rate at 8.4%. Also, on Friday in the US, data on factory orders is issued – a leading indicator for the manufacturing sector. And the University of Michigan releases its final estimate of consumer sentiment for September.

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