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Analysts at TD Securities suggest that the market is looking for the Philadelphia Fed Index to rebound to 18.0 in September from 11.9 after an outsized decline in the prior month.

Key Quotes

“Existing home sales will be published shortly afterwards and are expected to show modest gains (TD: 1.3%, market: 0.4%) which if realized would represent the first increase since March.”

“Initial jobless claims round out the calendar with the market calling for an increase to 210k for the week of September 15.”

“Canada:  ADP employment for August is the lone economic release. There is no market consensus for the report but Statistics Canada’s Labour Force Survey reported a 69k drop in employment for the month excluding self-employed workers.”