Walgreens, Conagra, Jobs Data, Fed Minutes, and More to Watch This Week

Then, on Friday, the BLS will report December employment data. The economist consensus calls for a gain of 155,000 nonfarm payrolls during the month, versus 199,000 in November. The unemployment rate is expected to come in at 3.8%, up from 3.7%.

Other economic data to watch this week will include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for December on Wednesday, followed by the Services equivalent on Friday. Also on Wednesday, the Federal Open Market Committee will release the minutes from its mid-December monetary-policy meeting.

The earnings calendar includes results from
Conagra
Brands,
Lamb Weston Holdings,
and
Walgreens
Boots Alliance on Thursday, then
Constellation Brands
on Friday.

Monday 1/1

Equity and fixed-income markets are closed in observance of New Year’s Day.

Tuesday 1/2

The Census Bureau reports construction statistics for November. Economists forecast construction spending increased 0.45% month over month to a seasonally adjusted annual rate of $2.04 trillion.

Wednesday 1/3

The Federal Open Market Committee releases the minutes from its mid-December monetary-policy meeting. At that meeting, the FOMC left the federal-funds rate unchanged at 5.25% – 5.50%. Fed Chair Jerome Powell’s postmeeting news conference was perceived as dovish by Wall Street and led to a furious cross-asset rally to close out 2023. Traders are pricing in six 25-basis-point cuts to the federal-funds rate by the end of 2024, while the FOMC has penciled in only three.

The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 8.75 million job openings on the last business day of November, slightly more than in October. Job openings are at their lowest level in 2.5 years.

The Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for December. Expectations are for a 47.1 reading, slightly higher than in November.

Thursday 1/4

Conagra Brands, Lamb Weston Holdings,
RPM International,
and Walgreens Boots Alliance announce earnings.

ADP releases its National Employment Report for December. The consensus call is for private-sector employment to increase by 115,000, following a gain of 103,000 in November.

Friday 1/5

Constellation Brands reports third-quarter fiscal-2024 results.

The BLS releases the jobs report for December. Economists forecast an increase of 155,000 in nonfarm payrolls following a 199,000 gain in November. The unemployment rate is expected to edge up to 3.8% from a historically low 3.7%.

The ISM releases its Services Purchasing Managers’ Index for December. Consensus estimate is for a 52.7 reading, matching the November figure.

—Dan Lam contributed to this article

Write to Nicholas Jasinski at nicholas.jasinski@barrons.com