An Epic Week Ahead For The Global Economy

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An epic week ahead for the global economyBy Joe Weisenthal

For the US, the week may not really begin until Tuesday, but actually, starting tonight it's going to be an epic week for the entire globe.

There are a few huge events:

First, PMI day begins tonight. We get Chinese PMI tonight, and then European PMI numbers on Monday, while the US is off for labor day.

Then on Tuesday, the US returns from summer, and we our first test of whether market volumes pick up. We also have the US ISM and construction spending. The Democratic National Convention also starts on Tuesday.

On Wednesday, it's a tad quiet, with PMI Services reports around the world, but Thursday will be gigantic.

That's because on Thursday the two most powerful people in the world are speaking: ECB Chief Mario Draghi will give a press conference where he may lay out the most concrete steps taken yet to cool the Eurozone crisis. Then at night, President Obama speaks to cap off the DNC and try to get his 'bounce'.

Also on Thursday: Initial jobless claims and the ADP jobs report.

Finally Friday: The jobs report! There are only 3 jobs reports left before the election, and this one, coming right after the President, and right before the Fed meets the following week is a biggie.

Like we said: Epic week.

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26 Comments

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dus48

i had written that gold prices are going up .we are printing money faster than we can count.and we dare question about the economy.well folks we are in for a bumpy ride .

September 04 2012 at 1:03 PM Report abuse rate up rate down Reply
dus48

my comments are bein filtered.

September 04 2012 at 1:01 PM Report abuse rate up rate down Reply
frankstinson

We live in a global economy, and goods and services are highly competitive. I don't think anyone can promise a short term solution to our economic problems. We go as the global community goes, we are not in this alone.

September 04 2012 at 12:32 PM Report abuse +1 rate up rate down Reply
IRVING

Since we can't get our "trading partners" to do something about the unfair manipulation of their currency it is probably time for us, the U.S. to act in our own interests. We can cut American salaries by 50%, and any commodity produced in the U.S.to likewise be reduced by 50%. All imported items will be frozen at their price.This policy would have to have some serious teeth. We are ground zero of consumer central, this ripple will turn into a tsunami and when it's done, leave a clean playing field for us.

September 04 2012 at 7:09 AM Report abuse -3 rate up rate down Reply
2 replies to IRVING's comment
pfjw

You must be a "rich" guy with lots of cash in the bank so as not to care about a salary cut.

So, will you still owe the same amount on your house? Tuition loans? What about fuel? Food? Few things are produced entirely within the US, nor could the be. The infrastructure does not exist nor could it be made to exist within any reasonable time or at any reasonable cost.

Keep in mind that there is a country that is easily as productive as the US, pays its workers relatively more, has better health care, longer life spans, lower infant mortality, guaranteed pensions and guaranteed education - and is doing quite well. On top of it all, last I looked Germany is not exactly considered a socialist/communist country.

Unless we are better educated, smarter, work harder, faster and better than the rest of the world we will become a third-world nation in short order. And it can be done - look at all the foreign car makers setting up plants in the US, from BMW to Mercedes to Hyundai. But we need to do it more, better and faster.

Physical labor is only a small part of the cost of much of anything these days. If it can be done with robots and other automated systems, physical location is less of an issue. Chip makers know this - and the US still remains a major producer. But the brute fact of the matter is that many corporate bean-counters see a couple of % additional profit to be had by relocating. So they do.

September 04 2012 at 10:39 AM Report abuse rate up rate down Reply
photomemoriesinc

Irving,

people aren't smart enough to understand what you posted, but you are exactly right...they only hear 1/2 of 1/2....they don't understand that if you earn 50% less and goods and services would cost 50% less that we would be in the real world market......our goods would sell worldwide for half price....of course China would raise hell because that is basically what their doing.....but you might as well save your breathe...people on hear that "me" would make 1/2 as much as "me" is making right now

September 04 2012 at 12:47 PM Report abuse rate up rate down Reply
kafienkarl

A new report (August 12,2012) says Chinese imports caused the loss of 2.7 million jobs in the United States, including 96,300 in the Mid-South, since the industrializing nation joined the World Trade Organization in 2001.


The study by the Washington-based Economic Policy Institute was released Thursday. It contends West Tennessee alone lost 15,300 jobs due to imports from China, including about 4,400 in greater Memphis.

"The United States is piling up foreign debt and losing export capacity, and the growing trade deficit with China has been a prime contributor to the crisis in U.S. manufacturing employment," said report author Robert Scott, EPI's manufacturing policy research director.

September 03 2012 at 10:36 PM Report abuse +4 rate up rate down Reply
1 reply to kafienkarl's comment
cpo1514

A lot of Obama supporters are now buying imported cars from Korea. The old car with the rust & Obama stickers are replaced with Korean cars & no Obama stickers... yet.. Will be fun to see the reaction by fellow Libs... right Barry??? Bt tge way... how is your good buddy Jeff Imelt of GE doing with the expanding employment and creating new jobs in China????? Say hi to the Mooch.

September 04 2012 at 7:42 AM Report abuse -2 rate up rate down Reply
nkriesel

PMI, SMI, ECB, etc. And DNC BS, and more BS.

September 03 2012 at 5:03 PM Report abuse +2 rate up rate down Reply
democracks0

Obamas a catastrophe.

September 03 2012 at 4:08 PM Report abuse +5 rate up rate down Reply
1 reply to democracks0's comment
hdvh56

And you're a troll.

September 04 2012 at 11:32 AM Report abuse rate up rate down Reply
mike edwards

this is like a plane nose diving and biden the pilot and obama blaming his piloting

September 03 2012 at 3:56 PM Report abuse +5 rate up rate down Reply
1 reply to mike edwards's comment
bahamavalf

You are so right. How anyone would want to hear anything the clown has to say is beyond me. Biden is a joke to our country and the man in front of him is even worse. Vote Obama Out 2012

September 04 2012 at 7:15 AM Report abuse +1 rate up rate down Reply
crobb7318

China wants to buy Hawker-Haviland from Boeing; Nexen oil from Canada, and they are building 3 bridges in the USA with their own people. Russia wants a naval base in Cuba, and the Cubans are going to drill for oil in the Caribbean Sea. The Chinese, Cubans, Mexicans and Russians are going to be drilling in the territory close to our coast. I'd say we are losing!

September 03 2012 at 2:44 PM Report abuse +2 rate up rate down Reply
1 reply to crobb7318's comment
Setanta

we lost.
and WE thank the libs,pelosi etc.

September 03 2012 at 8:58 PM Report abuse +3 rate up rate down Reply
kafienkarl

Republicans want a negative report. pathetic

September 03 2012 at 12:24 PM Report abuse -2 rate up rate down Reply
1 reply to kafienkarl's comment
tophat2431

WE are in a hole for 16 trillion how can you get + out of that.

September 03 2012 at 2:03 PM Report abuse +2 rate up rate down Reply
4 replies to tophat2431's comment