US: ADP employment, Chicago PMI and pending home sales to watch - Nomura

Research Team at Nomura, lists down the key economic releases from the US session for the day.

Key Quotes

“ADP employment: In line with our forecast for BLS private payrolls, we forecast that ADP private employment gained an additional 190k jobs in August.

Chicago PMI: In July, the headline index remained elevated in the mid-50s. Strong production and new orders activity in the Chicago region helped keep the index in expansionary territory. The early read on the manufacturing activity from regional Fed surveys suggest mixed performance in August. In particular, the details of the Philly Fed survey point to a slowdown in manufacturing activity during the month while the equivalent index using the details of the Empire State manufacturing survey showed a modest increase. Based on these inputs, we forecast that the Chicago PMI declined 2 points to 53.8 in August.

Pending home sales: Pending home sales (a leading indicator of existing home sales) edged higher in June, increasing by 0.2% m-o-m following a sharp 3.7% decline in May. In 2016, pending home sales have been on a solid upward trend as stronger consumer fundamentals have allowed more households to enter the housing market. Consensus expects pending home sales to grow by 0.7% m-o-m in July.”