Railroad strike talks, jobless claims and more: Thursday's 5 things to know
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Here are the key events taking place on Thursday that could impact trading.
RAILROAD TALKS: The deadline to avert a U.S. freight railroads strike by Friday morning is fast approaching with three unions still talking.
Of the 12 unions involved, one rejected a tentative deal, but agreed to delay a strike as talks with other union continue.
Two have ratified agreements and three others remained at the bargaining table just days ahead of a strike deadline, threatening to intensify snarls in the nation's supply chain that have contributed to rising prices.
NATIONAL STRIKE THREAT LOOMS AS LABOR UNIONS BECOME MORE EMBOLDENED
A BNSF railroad train hauling carloads of coal from the Powder River Basin of Montana and Wyoming is seen east of Hardin, Mont. (AP Photo/Matthew Brown, File / AP Newsroom) Nine had agreed to tentative deals, two — the Transportation Communications Union and the Brotherhood of Railway Carmen unions — voted to ratify their contracts Wednesday. A strike could also cause major disruptions to passenger rail. Amtrak has already canceled all Thursday long-distance trains as negotiations continue. RETAIL SALES: Economists surveyed by Refinitiv anticipate consumer spending in August to be flat for the second month in a row. Excluding the automotive component, spending is seen inching up 0.1% in August, below July’s 0.4% pop. Recall that the retail sales data are not adjusted for inflation, so there’s no way to tell if sales are up because more goods were purchased, or because consumers just paid more to cover higher prices. DISNEY CEO MAY COMBINE STREAMING ASSETS, INCLUDING HULU IN ONE APP JOBLESS CLAIMS: The Labor Department will release its tally of new claims for unemployment benefits for last week, expected to provide more evidence of a tight labor market that’s cooling. Someone completing an unemployment benefits form. (iStock / iStock) Expectations are for a slight increase to 226,000, after falling unexpectedly to a three-and-a-half month low of 222,000 the previous week. Continuing claims, which track the total number of workers collecting unemployment benefits, are expected to edge higher to 1.475 million. FED REPORTS: The Empire State Manufacturing Survey is expected to rise to -13.0, remaining in contraction territory for a second month after plunging unexpectedly to -31.3 in August. A number below zero means that more New York-area manufacturers say business conditions are worsening rather than improving. NOMURA FORECASTS HISTORIC 100-BASIS-POINT FED RATE HIKE AFTER HOT INFLATION DATA The Philadelphia Federal Reserve will release its index of manufacturing activity for eastern Pennsylvania, southern New Jersey, and Delaware. It’s expected to retreat to 2.8 this month after a surprise jump back into expansion territory in August. Like the NY Fed, any reading above zero means that more manufacturers say business conditions are improving rather than worsening. Cargo is unloaded at the Port of Long Beach in California. (iStock / iStock) CLICK HERE TO READ MORE ON FOX BUSINESS MORE ECONOMIC DATA: Other reports include import and export prices for August, industrial production data and July business inventories. Source: Read Full Article
