By Dan Celia. Originally published at ValueWalk.
Dan Celia: ‘We Cannot Have Growth without Productivity‘; Lots of Economic Data Coming Out This Week
Q2 2020 hedge fund letters, conferences and more
Keep An Eye On The Upcoming Economic Data
“This week, there’s a lot of economic data coming out, Celia said. “We get manufacturing numbers coming out on Tuesday and we get factory orders, as well as ADP report coming out on Wednesday. The ADP report ought to be very interesting for the month of July. We are sitting at 167,000 private sector jobs. ADP is a really good gauge of what is happening in the private sector. Thursday, we get initial job claims. I think that this Thursday we could go below 1 million in first time, unemployment claims. I sure hope that happens. Also continuing job claims have been dropping for the last two weeks and hopefully we’ll see another drop.
“We get some productivity revisions for the second quarter of the year,” Celia continued. “And I am expecting that this revision is going to be an upward revision as much as one full percentage point. We are sitting at 7.3% right now. And again, I’m very, very interested in this number. Service sector numbers also coming out; that’s far more important than manufacturing numbers. And of course, Friday, the all-important payroll numbers. I wouldn’t be surprised if we’re over a million in payrolls and we get a new unemployment rate. I believe the unemployment number is going to be below 10%. We’ll have unemployment number with a single digit and that will be a lot earlier than certainly me or anyone else was expecting. We’ll watch all that closely, a lot coming up for the week.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
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