US: Import prices and jobless claims in focus - BBH

Research Team at BBH, suggests that there are a few economic reports from the US and Canada today, but nothing that is likely to move the markets. 

Key Quotes

“The US reports July import prices.  A decline much larger than 0.4% could impact expectations for tomorrow's PPI report.  Weekly jobless claims are the closest thing to a real-time report on the US labor market.  Next week's report will be more important as it covers the week of the nonfarm payroll survey. 

Tomorrow the US reports retail sales.  Auto sales improved more than expected in July and that will keep the headline firm.  The GDP component is expected to rise 0.3% after two months of 0.5% increases.  Consumption in Q2 rose over 4%.  Some moderation in Q3 is expected, with investment picking up some slack, and the inventory headwind diminishing.   

Separately, Canada reports new house prices.  A 0.3% increase is expected in June after a 0.7% rise in May.  It would probably keep the year-over-year rate near 2.7%.”