The US will watch employment, inflation and Micron’s report — CNBC
In the United States this week, investors are awaiting key data on the labor market and inflation, the financial results of memory manufacturer Micron, as well as new research results on Eli Lilly drugs for obesity and diabetes. As CNBC reports, these events could affect expectations for the Federal Reserve’s further decisions on interest rates.
Labor market and inflation data
On Tuesday, September 29, the August JOLTS report on job openings and labor turnover in the United States will be released, followed on Wednesday by ADP private-sector employment data for September. The FactSet consensus forecast calls for the creation of 58,000 private-sector jobs.
The main event of the week will be the government employment report for September, which is due to be published on Friday, October 2. Economists surveyed by FactSet expect nonfarm payrolls to increase by 82,500, while the unemployment rate is forecast to remain at 4.1%.
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August data on the personal consumption expenditures price index, or PCE — the inflation measure monitored by the Fed — are also due on Wednesday. Analysts expect the headline index to rise by 0.4% month over month and 3.8% year over year. Core PCE, excluding food and energy prices, is forecast to increase by 0.3% month over month and 3.4% year over year.
Micron’s results and Eli Lilly developments
Micron will release its financial results after the market closes on Wednesday. According to LSEG estimates, the company may report earnings of $31.49 per share and revenue of $50.9 billion. The market will also watch management’s comments on demand for memory chips for artificial intelligence systems, long-term customer contracts and a possible share buyback.
Separately, Eli Lilly will present research data on drugs for treating obesity and diabetes at the annual meeting of the European Association for the Study of Diabetes. In particular, the company plans to release detailed results from a late-stage trial of retatrutide, interim results for the eloraTZP combination, as well as data on Foundayo and a comparative study of Mounjaro and Trulicity.
