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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.         
GDP for Second Quarter (second estimate)
 Wednesday, August 29 at 8:30 a.m. ET                    Actual:        
               Median         Range                  2Q18s  2Q18a   1Q18
 GDP            +4.0%    +3.9% to +4.2%                 --  +4.1%  +2.2% 
 Chain Prices   +3.0%    +3.0% to +3.8%                 --  +3.0%  +2.0%
          Comments: Second quarter GDP is expected to be revised down 
slightly to a 4.0% pace of growth from the 4.1% advance estimate 
generally on softer PCE growth reflected in the downward adjustment to 
retail sales in May and June. The chain price index is forecast to be 
unrevised at 3.0%. 
     Weekly Jobless Claims for August 25 week                                
 Thursday, August 30 at 8:30 a.m. ET                      Actual:       
               Median         Range                  Aug25  Aug18  Aug11
 Weekly Claims   213k     210k to 214k                  --   210k   212k
          Comments: The level of initial jobless claims is expected to 
rebound by 3,000 to 213,000 in the August 25 week after a decrease of 
2,000 to 210,000 in the previous week, just above the recent low of 
208,000. The four-week moving average would fall by 1,500 in the coming 
week as the 219,000 level in the July 28 week rolls out of the 
calculation, assuming the MNI forecast is correct and there are no 
revisions. 
     Personal Income for July (percent change)                          
 Thursday, August 30 at 8:30 a.m. ET                     Actual:        
               Median         Range                  Jul18  Jun18  May18
 Income         +0.3%    +0.2% to +0.4%                 --  +0.4%  +0.4% 
 Spending       +0.4%    +0.3% to +0.6%                 --  +0.4%  +0.5%
 Core Prices    +0.2%    +0.1% to +0.2%                 --  +0.1%  +0.2%
          Comments: Personal income is expected to rise by 0.3% in July, as 
payrolls rose by 157,000 and hourly earnings rose 0.3%, while average 
weekly hours fell to 34.5 hours. Current dollar PCE is forecast to rise 
by 0.4% after a softer-than-expected 0.4% June gain. Total retail sales 
rose by 0.5% in the month and were up 0.6% excluding a 0.2% gain in 
motor vehicle sales. Retail sales excluding autos, gas, building 
materials and food services were rose 0.5% after a 0.1% June decline. 
The core PCE price index is expected to post a 0.2% increase in June, so 
the y/y rate could tick back up to 2.0% due to a softer 0.1% increase a 
year earlier. 
     MNI Chicago Report for August (index)                                 
 Friday, August 31 at 9:45 a.m. ET                       Actual:        
               Median         Range                  Aug18  Jul18  Jun18 
 MNI Chicago     63.8     62.0 to 64.8                  --   65.5   64.1
          Comments: The MNI Chicago PMI is expected to slide back to a 
reading of 63.8 in August after rising further to 65.5 in July. Other 
regional data already released have been generally softer, with sharp 
declines in the Kansas City and Philadelphia Fed regions and only a 
modest gain in the NY Fed data. 
     University of Michigan Survey for August (final)          
 Friday, August 31 at 10:00 a.m. ET                        Actual:        
                Median        Range                 Aug18f Aug18p  Jul18
 Consumer Sent    95.5    95.3 to 96.0                  --   95.3   97.9
          Comments: The Michigan Sentiment index is expected to be revised up 
to 95.5 from the reading of 95.3 in the preliminary estimate.
--MNI Washington Bureau; +1 (973) 494-2611; email: harrison.clarke@marketnews.com
[TOPICS: MTABLE,M$U$$$]

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