The jobs report will be the highlight of the week ahead
Even though this is a short week, we still have a lot of data—with construction spending, the ISM data, and the jobs report. The jobs report will loom the largest for the bond market.
Economic data this week
Monday, September 1, 2014
Tuesday, September 2, 2014
Wednesday, September 3, 2014
Thursday, September 4, 2014
Friday, September 5, 2014
Earnings reports this week
Wednesday, September 3
Impact on mortgage REITs
The labor market is driving the Fed right now, and bonds will focus primarily on Friday’s jobs report. Increases in average hourly earnings are the most important number. The Fed has pretty much acknowledged the unemployment rate isn’t the labor market indicator it used to be.
Impact on homebuilders
There’s a lot of data this week of interest to the builders. Certainly the big macro numbers like the ISM and the jobs report are important. But the biggest number will be construction on Tuesday.
We’re heading into the seasonally slow period of fall and early winter. Homebuilder analysts will focus on the geographies that are experiencing the most growth.
Impact on commercial REITs
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