On August 6 we learned that if we are in a recovery, it’s a jobless one, as the July unemployment rate stayed at 9.5% as the number of private-sector jobs created couldn’t match the decline in government jobs. This week features the Federal Reserve announcing its decision on interest rates on Tuesday, while on the same day the House of Representatives is brought out of recess to vote on a $26 billion aid bill for the states. On Friday, the Labor Department reports on CPI for July.
On Monday, August 9, the Bank of Japan begins its two-day monetary policy meeting, while on the afternoon of Tuesday, August 10, the Federal Reserve Open Market Committee (FOMC) announces its decision on interest rates. The House of Representatives is expected to vote on a $26 billion aid bill for the states. Economic reports include second-quarter productivity and wholesale trade inventories.
On Wednesday, August 11, comes the trade deficit numbers for June, along with the Federal budget deficit for July. ING reports its second quarter earnings and China reports its inflation rate for July.
On Friday, August 13, the Labor Department reports on CPI for July, while the Commerce Department issues its report on June business inventories. Also on tap are July retail sales and the Reuters/University of Michigan consumer confidence index.