US data releases are set to test the economy’s momentum. Consumer spending is forecast to rise 0.8% in August, while income is seen up 0.5%, and Bureau of Economic Analysis annual revisions are expected to reinforce a picture of resilience. The PCE deflator is projected to firm in August, though broader revisions are expected to leave the recent inflation trend somewhat softer. Labour market figures on Friday are expected to show payroll growth easing to 90K in September, with the unemployment rate steady at 4.1%. Overseas, Canada’s July GDP is expected to be essentially flat, in line with a slowing but still expanding economy. In Australia, the Reserve Bank of Australia is expected to lift the Cash Rate by 25 bps to 4.
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