The August unemployment rate--out next Friday--is expected to
tick up to 9.6% as total payrolls shrink by 120,000 jobs, according
to Briefing.com.
The auto industry is expected to post an 18% decline in
new-vehicle sales in August, according to Edmunds.com, as
year-earlier results benefited from surging demand on the
government's popular Cash For Clunkers scrappage program.
Meanwhile, Federal Reserve Chairman Ben Bernanke in prepared
remarks Friday kicked off a two-day meeting of the world's top
central bankers in Jackson, Wyo. The recovery that started more
than a year ago is running out of steam, and the slowdown in the
U.S., the world's largest economy, is of particular concern.
August Jobless Rate Could Tick Up To 9.6%
The jobless rate for August, which will be released next Friday,
is likely to rise to 9.6% from 9.5% a month earlier, according to
economists surveyed by Briefing.com. The country lost 131,000 and
221,000 jobs in July and June, respectively, while unemployment
remained at 9.5% both months as folks left the work force. Initial
weekly unemployment claims hit a nine-month high earlier during
August.
New-Vehicle Sales Seen Dropping In August
August U.S. new-vehicle sales, out Wednesday, are expected to
decline, although the comparison from a year ago is heavily skewed
by a boost the industry received from the government's Cash For
Clunkers program. Edmunds.com, a car-shopping website, on Thursday
estimated the industry will sell roughly 1.03 million units in
August, which would result in a seasonally adjusted annualized rate
of 11.8 million units, up from 11.5 million in July--the best
performance so far in 2010.
Retailers, Apparel Companies Report Latest Results
More retailer and apparel companies will report quarterly
results in the coming week, with many expected to see some
improvement in results. It comes amid a backdrop of the industry
remaining extremely cautious about consumer sentiment in the second
half of the year. Bookstore chain Borders Group Inc. (BGP),
footwear company Collective Brands Inc. (PSS) and apparel company
Oxford Industries (OXM) all report results on Wednesday.
The quarterly reports come as retailers will also provide August
sales data, giving insight on how the back-to-school season has
been going. Renewed economic concerns could put a wet blanket on
some purchases.
Other notable companies reporting earnings next week include
home builder Hovnanian Enterprises Inc. (HOV) on Wednesday and tax
preparer H&R Block Inc. (HRB) and videogame maker Take-Two
Interactive Software Inc. (TTWO) on Thursday.
Consumer Confidence Index Expected To Increase Slightly
The August Consumer Confidence Index is expected to report a
slight increase from the prior month on Tuesday, according to
Briefing.com, although it is clear that high unemployment and fears
of a double-dip weigh heavily on consumer attitudes. The Conference
Board's index fell to 50.4 in July, its lowest level since
February.
Also out next week are reports on personal income and spending,
which Briefing.com expects will climb slightly in July after
reporting flat numbers in June. The figures are released by the
Department of Commerce on Monday. Two days later, the Institute for
Supply Management report, a national survey of purchasing managers,
is expected to notch another decline in August.
Among appearances by Federal Reserve officials: St. Louis Fed
President James Bullard speaks Monday in St. Louis and Dallas Fed
President Richard Fisher speaks Wednesday in Houston.
Central Bankers Meet To Discuss Economy
Central bankers and academic experts are meeting in Jackson
Hole, Wyo., through Saturday to discuss what can be done to help a
global economic recovery that's quickly losing steam. In Federal
Reserve Chairman Ben Bernanke's speech Friday morning, which kicked
off the annual event, he said he is ready to do what it takes to
support an economic recovery that has been losing steam, but
stopped short of saying if the Fed will act. The Kansas City Fed,
which sponsors the conference, left out some of its top officials
and some Wall Street notables so it could invite more foreign
dignitaries.
Apple May Show Off New Versions Of iPod
Apple Inc. (AAPL) is expected to update its lineup of iPod
digital music players Wednesday at an event in San Francisco. Apple
traditionally holds a September event at which it announces new
iPod products, usually versions of existing players with added
functionality, as well as updates to its iTunes media store. This
time, the consumer electronics giant could unveil a streaming radio
service, at least according to one analyst, as well as a new Apple
TV device. Apple and major television companies are discussing the
prospect of renting TV shows for as little as 99 cents.
Results Of Anticoagulant Study Due Tuesday
Researchers will present full results of a positive study of
experimental anticoagulant apixaban, co-developed by Bristol-Myers
Squibb Co. (BMY) and Pfizer Inc. (PFE), at a European heart meeting
Tuesday. The drug makers previously said the study was halted early
because apixaban reduced strokes and clots compared with patients
taking aspirin, but investors are eager for full results. Analysts
have predicted apixaban could gain a strong share of the market,
estimated at $10 billion to $20 billion. The European Society of
Cardiology Congress meets in Stockholm from Saturday through
Wednesday.
Obama To Discuss Troop Withdrawal From Iraq
President Barack Obama will deliver a major address on the
drawdown of U.S. troops in Iraq at 8 p.m. EDT Tuesday from the Oval
Office. This week, the U.S. military confirmed the number of U.S.
troops in the country had fallen below 50,000. Shortly after coming
into office in 2009, Obama pledged to end combat operations in Iraq
by the end of this month, bringing "Operation Iraqi Freedom" to an
end.
Mideast Peace Talks To Start Thursday In U.S.
Israeli Prime Minister Benjamin Netanyahu and Palestinian
President Mahmoud Abbas are expected to meet with Obama on
Wednesday in Washington, D.C., before a new round of Mideast peace
talks start the next day. The launching of direct peace talks
represents a victory for the Obama administration, which made
Mideast peace efforts an early priority of its foreign-policy
plans. This week, Netanyahu said an agreement would be "difficult
but possible," while Abbas has warned he will pull out of the talks
if Israel doesn't extend a partial, 10-month moratorium on building
in Jewish settlements in the West Bank that is due to expire Sept.
26.
Residents, Media To Mark 5 Years After Katrina
Many television-news programs will mark the fifth anniversary
Sunday of Hurricane Katrina, which caused devastation along the
Gulf Coast. Residents and officials--especially in New Orleans,
where floodwaters drove tens of thousands from their homes--are
assessing how the storm changed their lives and their
communities.
Many New TV Shows Among Nominees For Emmy Awards
The 62nd Primetime Emmy Awards will be presented Sunday in Los
Angeles with many new faces among the nominees. Five of the 12
shows up for best comedy and drama are competing for the first
time. And there's no guarantee that "30 Rock" and "Mad Men" will
repeat their victories of last year. Late-night talk-show host and
comedian Jimmy Fallon will host the Emmys, which is being broadcast
live in the Eastern and Pacific time zones for the first time in 30
years.
U.S. Open Tennis Tournament To Start Monday
The U.S. Open tennis tournament starts Monday and runs through
Sept. 12 in New York City. Defending champion Juan Martin del Potro
won't compete at the event, although on the women's side, two-time
U.S. Open champion Kim Clijsters is ranked second and will play
Hungary's Greta Arn in the first round. Meanwhile, working with CBS
Corp. (CBS) Sports, the United States Tennis Association and
Panasonic Corp. (PC, 6752.TO) will spearhead the first-ever 3D
broadcasts of the tournament, the last tennis major of the
year.
Conferences
Among the significant conferences next week are the Morgan
Stanley Global Industrials Conference on Tuesday and Wednesday in
New York, and Three Part Advisors LLC Midwest Ideas Investor
Conference on Tuesday in Chicago.
-By John Kell and Kathy Shwiff, Dow Jones Newswires;
212-416-2357; kathy.shwiff@dowjones.com
(Ian Sherr and other Dow Jones Newswires staff contributed to
this report.)
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