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US consumers limited spending in August, after a pause after very strong sales growth in July.
Photo:
Gabby Jones / Bloomberg News
ON MONDAY
Commerce publishes September data on consumer spending. US consumers limited spending in August, after a pause after very strong sales growth in July. Nevertheless, the general weakness of the month of August was mainly due to the decline in auto sales. Economists surveyed by the Wall Street Journal are counting on strong growth of 0.7%.
TUESDAY
China will release inflation data on Tuesday and economists are seeing consumer price growth accelerate modestly in September. Rising food and commodity prices are fueling inflation, which should leave less room for the central bank to ease monetary policy.
WEDNESDAY
The Federal Reserve released a report of its September 25-26 meeting in which the central bank raised short-term interest rates by a quarter of a percentage point. Some Fed officials say that as long as unemployment continues to fall below the expected level, which is consistent with price stability, the Fed will have to raise its rates to prevent overheating of the economy. Others believe that if inflation does not seem to accelerate beyond 2%, the Fed could stop raising rates after reaching a "neutral" parameter designed to neither stimulate nor slow growth.
FRIDAY
China publishes economic growth figures for the third quarter. The median forecast of economists for China's gross domestic product growth in the third quarter is 6.6 percent, down from 6.7 percent in the second quarter, but warns that rising trade tensions with China's economy are likely to rise. United States could create more difficulties for the Chinese economy next year.
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