It was a quiet week in economic data with only 12 releases. Half of these came in worse than expected or versus the previous period while another five saw improvements. The remaining release met expectations. Markit and ISM PMIs kicked things off on Monday with some mixed results. Both showed growth, but whereas the Markit release beat expectations and improved from June, the ISM reading was both worse than expectations and lower than the prior month. Labor data was strong this week as the JOLTS report, initial jobless claims, and continuing claims all surpassed forecasts. Headline PPI on Friday met expectations but the core readings were both worse than anticipated.

Economic data ramps up next week with 30 releases on the docket. The budget statement starts off the week as the only release on Monday. On Tuesday, NFIB releases July’s reading on small business optimism. The indicator is expected to tick up to 104.8 from 103.3 in June. Following the July CPI release later that morning, export and import price indices are scheduled for Wednesday. A majority of next week’s data—a total of 19 releases—is crammed into Thursday. In manufacturing data, we will get releases from the Empire Manufacturing Index and the Philadelphia Fed’s Business Outlook. Industrial production for July is also due to release on Thursday. Last month industrial production was flat month-over-month. Retail sales figures are also scheduled to release on Thursday and are forecasted to slow versus June. Finally, after the NAHB’s Homebuilder Sentiment Index releases Thursday morning, housing starts and building permits will round out the week on Friday. Homebuilder sentiment and building permits are both expected to improve. No change is expected in starts.