Get ready for a whirlwind week in the U.S. economic landscape as we dive into October and kick off fourth-quarter trading. The crypto world is already feeling the heat, with markets taking a nosedive early Monday morning in Asia. Buckle up, because this week's economic events might just set the tone for the rest of the year.
We've got a jam-packed schedule with eleven Federal Reserve speaker events and a slew of economic data releases. Jerome Powell, the head honcho at the Fed, will be giving us the lowdown on the U.S. economic outlook at a National Association for Business Economics conference on Monday, September 30. Keep an eye out for clues about a potential rate cut in November, especially with new employment data on the horizon.
On Tuesday, we'll see the release of September’s ISM Manufacturing PMI report. This little nugget of information gives us a peek into the business conditions in the U.S. manufacturing sector and is a key indicator for the overall economy. Think of it as the economic weather forecast.
We've got back-to-back employment data reports dropping on Tuesday and Wednesday, followed by initial jobless claims data on Thursday. Speaking of Thursday, keep your ears open for September’s ISM Services PMI report. Since the services sector makes up more than 70% of the U.S. GDP, this report is a big deal.
To wrap up the week, we have the September jobs report on Friday. Expect some juicy details about the labor market with the Nonfarm Payrolls and Unemployment reports giving us the latest on job creation and unemployment rates.
Here’s your must-watch list for the week:
1. Fed Chair Powell Speaks – Monday
2. September ISM Manufacturing data – Tuesday
3. JOLTs Jobs data – Tuesday
4. ADP Nonfarm Employment data – Wednesday
5. October OPEC Meeting – Wednesday
6. Initial Jobless Claims – Thursday
7. September Jobs Report – Friday
The U.S. central bank is laser-focused on employment data as it shapes its policy decisions, so these reports are critical.
Bloomberg analysts are buzzing, suggesting a strong showing for the September nonfarm payrolls, which could spark chatter about a “no landing” scenario for the U.S. economy.
Meanwhile, the crypto market is bleeding red as September wraps up in Asia. Total market capitalization has plunged over 3% to $2.37 trillion. Bitcoin is feeling the pinch, dropping from $66,000 to below $64,400 and finding temporary support there. If the sell-off continues, we might see it slide down to $63,000.
Ethereum isn't faring much better, slipping to $2,600. And as usual, altcoins are taking an even harder hit. Binance Coin (BNB), Dogecoin (DOGE), and Shiba Inu (SHIB) are all feeling the sting.
So, gear up for an action-packed week that could shake things up in both traditional and crypto markets!
