The Business News Week Ahead

Japanese retail sales for July look to open the coming week on an uncertain note, expected to post slightly deeper contraction than June. Otherwise demand-side data will be light in contrast to the supply side where the news will be very heavy starting with Japanese industrial production, also released first thing Monday, followed later Monday by China's CFLP manufacturing PMI where another month of modest growth is expected. Solid growth is the expectation for Tuesday's ISM manufacturing report from the US with solid results also expected for German manufacturers' orders on Friday. The week's most important news will be on the labor market, starting with the August unemployment rate for Germany on Tuesday followed by August employment reports from Canada and the US on Friday where no more than modest slowing for both is the call. Consumer price data for August will be posted on Monday for Germany and for Europe on Tuesday with a policy announcement set for the Reserve Bank of Australia, also on Tuesday. If the week unfolds as expected, global production may get an upgrade though, for global employment, perhaps no upgrade at all.