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US Data: Highlights of MNI Survey of Economic Forecasts

     WASHINGTON (MNI) - The following are highlights of forecasts for   
upcoming U.S. economic indicators provided by participants in the MNI   
weekly survey. The comment section presents the key elements behind the 
median forecasts.         
Weekly Jobless Claims for August 4 week                               
 Thursday, August 9 at 8:30 a.m. ET                      Actual:        
               Median         Range                  Aug04  Jul28  Jul21
 Weekly Claims   220k     216k to 220k                  --   218k   217k
          Comments: The level of initial jobless claims is expected to hold 
steady at 220,000 in the August 4, keeping claims in a fairly tight range 
that has slowly trended lower over the last month. The four-week moving 
average would rise by only 1,250 in the coming week as the 215,000 level 
in the July 7 week rolls out of the calculation, assuming the MNI forecast is
correct and there are no revisions. 
Producer Price Index for July (percent change)
 Thursday, August 9 at 8:30 a.m. ET                      Actual:        
                 Median         Range                Jul18  Jun18  May18
 Final Demand     +0.2%    +0.1% to +0.3%               --  +0.3%  +0.5% 
 Ex Food,Energy   +0.2%    +0.2% to +0.3%               --  +0.3%  +0.3%
          Comments: Final demand PPI is expected to rise by 0.2% in July 
after larger gains in the previous two months. Energy prices are expected 
to slow following a 0.8% June increase and a 4.6% surge in May, while food 
prices are expected to rebound after a 1.1% decline. Excluding food and energy
prices, PPI is forecast to rise 0.2% after 0.3% gains in the previous two
months. 
Consumer Price Index for July (percent change)                       
 Friday, August 10 at 8:30 a.m. ET                       Actual:        
              Median         Range                   Jul18  Jun18  May18
 CPI           +0.2%    +0.1% to +0.2%                  --  +0.1%  +0.2% 
 CPI Core      +0.2%    +0.2% to +0.3%                  --  +0.2%  +0.2%
          Comments: The CPI is expected to rise by 0.2% in July after a 0.1% 
gain in June. The year/year rates should rise further due to a soft 
reading a year ago. AAA reported a modest decline in mid-month prices 
from June, which could soften seasonally adjusted CPI gasoline prices. 
The core CPI is also forecast to rise 0.2% following an as-expected 0.2% 
increase in June. 
Treasury Statement for July ($ billions)                           
 Friday, August 10 at 2:00 p.m ET                        Actual:        
             Median           Range              Jul18    Jun18    Jul17
 Balance    -$76.7b    -$76.0b to -$77.3b           --  -$74.9b  -$42.9b
          Comments: The US Treasury is expected to post a $76.7 billion 
budget gap for July, much larger than the $42.9 billion gap in July 
2017. The impact of the tax cuts should continue to be seen in the data 
in the form of lower receipts that are fueling wider deficits.
--MNI Washington Bureau; +1 (973) 494-2611; email: harrison.clarke@marketnews.com
[TOPICS: MTABLE,M$U$$$]

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