The (Light) Week Ahead...

For once, it will be a light week on the calendar! The shortened Labor Day week opens with the small business optimism index, which is expected to remain upbeat despite the market sell-off, and the labor market conditions index which is expected to remain flat, the result of weak hiring. Wednesday will see the JOLTS report where job openings, like most other employment readings on employment, have been soft. Thursday's highlight will be import & export prices which, due to oil and commodity prices, are expected to show deepening rates of contraction. Producer prices close out the week, expected to show contraction at the headline level and moderation for core readings. At least at the data level, the week does not look like it will turn up the heat for an FOMC liftoff.