Wu Blockchain this week's macro indicators and analysis: US non-farm payrolls report

Compiled by GaryMa Wu Blockchain **Summary** Wu Blockchain's weekly macroeconomic indicators and analysis: Last week, US Q2 GDP was slightly higher than expected, PCE was in line with expectations, and Fed officials generally expect another 50 basis point rate cut by the end of the year. This week, the focus will be on the US September unemployment rate and non-farm payroll data. **Last Week in Review** - US Q2 real GDP annualized quarter-on-quarter final value was 3%, slightly higher than the expected 2.9%, revised from the previous 3% and initial 2.8%. - US Q2 PCE price index annualized quarter-on-quarter final value was 2.5%, the same as previously estimated; core PCE price index annualized quarter-on-quarter final value was 2.8%, in line with expectations and the previous revision, from an initial 2.9%. - US August core PCE price index year-on-year was 2.7%, expected 2.70%. - The Reserve Bank of Australia kept rates unchanged for the seventh consecutive time, maintaining a hawkish stance. - The Swedish central bank cut its benchmark rate by 25 basis points to 3.25%, in line with market expectations. - The minutes of the Bank of Japan's July monetary policy meeting showed that the committee was deeply divided, and the Bank of Japan's rate hike process may continue to be obstructed. - The number of initial jobless claims in the US for the week ending September 21 was 218,000, revised from the previous 219,000 to 222,000. - Goolsbee: More rate cuts may be needed in the next year, and interest rates need to fall significantly. The unemployment rate is trending upward, but the level is still relatively low. - Bostic: The 50 basis point cut at this meeting did not "lock in" the pace of future cuts. The unemployment rate is not expected to rise significantly further. - Kashkari: The Fed is expected to make smaller rate cuts going forward, with two more 25 basis point cuts this year. **Key Events & Indicators This Week** September 30 - China September official/Caixin manufacturing PMI - FOMC voter and Atlanta Fed President Bostic to speak on the economic outlook (20:00) October 1 - Fed Chair Powell to speak at the National Association of Business Economics (01:00) - Bank of Japan to release the summary of opinions from the September monetary policy meeting (07:50) - US September ISM manufacturing PMI (22:00) October 2 - US September ADP employment change (20:15) October 3 - US initial jobless claims for the week ending September 28 (20:30) October 4 - US September unemployment rate (20:30) - US September non-farm payrolls (20:30)