Labor Department serves up its August reading of consumer-level inflation on Tuesday
A look at some of the key business events and economic indicators coming up this week:
The Labor Department presents August readings of inflation at the consumer level on Tuesday.
Americans are facing higher costs, which are reflected in the sharp annual increase in the Consumer Price Index going back in April. The July reading corresponds to a year-over-year inflation rate of 5.4% in June, the biggest annual jump since 2008. Economists estimate the annual growth of the Consumer Price Index was slightly lower last month at 5.3%.
Consumer Price Index, Annual Percentage Change, Not Seasonally Adjusted:
August (est.) 5.3
The Federal Reserve on Wednesday released monthly data on US industrial production.
Overall industrial output, which includes manufacturing, utilities and mining, posted a 0.9% increase in July, the biggest gain since March. On an annual basis, industrial output last month was up 6.6% from July 2020 levels, but note the pre-pandemic peak of February 2020.
Industrial Production, Monthly Percentage Change, Seasonally Adjusted:
Aug (Est.) 0.4
increase the size of retail sales
Economists estimate that US shoppers cut their spending again last month.
The Commerce Department is expected to report Thursday that US retail sales fell 1% in August. This would follow a 1.1% drop in July, when spending at stores selling clothing, furniture and sporting goods fell. The summer drop in retail sales coincides with a rise in cases of COVID-19 cases as the delta version of the virus spreads.
Retail Sales, Monthly Percentage Change, Seasonally Adjusted:
august (est.) -1.0