On Tuesday, the weekly consumer confidence survey is released with lending finance data and the NAB business survey. 
Most interest is in the NAB business survey. In July, the business confidence index rose from 20-month lows of +5.6 points in June to +6.6 points. And the business conditions index eased from +14.1 points +12.4 points in July. The long-term average of the business conditions index is +5.7 points so it’s clear that Corporate Australia is in good shape.

On Wednesday, Westpac and the Melbourne Institute release the monthly consumer confidence survey. This is more of a check on the ANZ/Roy Morgan weekly survey – especially as both surveys pose the same questions. But each quarter the Westpac survey poses special questions including a poll on the ‘wisest places’ for new savings. And the latest quarterly results are issued on Wednesday. 
Also on Wednesday the Reserve Bank releases the July credit and debit card activity data. In June the average credit card balance rose by $21.30 to a 5-year high of $3,272.70. The average balance was also up by 4.6% over the year – the strongest annual growth rate in almost eight years.

On Thursday, the August Labour Force figures are released by the Australian Bureau of Statistics. In July, employment fell by 3,900 after an upwardly-revised increase of 58,200 (previously reported as 50,900) in June. The jobless rate fell to a 51⁄2-year low of 5.3%. 
The Commonwealth Bank Group is tipping a 20,000 lift in jobs in August and a further fall in the jobless rate to 5.2%.

What’s happening in the US + China?

‘Top shelf’ economic data is released in both the US and China in the coming week. Sales, production and inflation data are issued in the US. Meanwhile sales, production and investment data are released in China.

The week kicks off on Monday in the US with the release of consumer credit data and a gauge of inflation expectations. 
While in China, data on consumer and producer prices are issued together with an estimate on vehicle sales. Annual consumer price inflation is expected to tick higher from 2.1% to 2.2%.

On Tuesday in the US, the National Federation of Independent Business (NFIB) releases the business optimism index for August. And the JOLTS survey of job openings is also issued together with the regular weekly data on chain store sales.

The NFIB survey of small business was at the second highest level in 45 years in July. The JOLTS survey was also at its second highest level on record in June.

On Wednesday in the US, the measure of business inflation – the producer price index (PPI) – is released. The core PPI measure (excludes food and energy) was at a 2.7% annual rate in July.

Also on Wednesday the Beige Book is issued – a survey of economic conditions across the Federal Reserve districts. The Fed has described the US economy as ‘strong’ – justifying the short odds of a rate hike at the September 25/26 interest rate setting meeting. 
The weekly data on new mortgage applications is also released in the US with the monthly Budget statement.

On Thursday in the US, the consumer price index (CPI) is issued. While not the Fed’s preferred measure of inflation, the results will be closely watched ahead of the next policy-making meeting. The core CPI was up 2.4% on a year ago and a similar result is expected in August. The weekly data on new claims for unemployment insurance is also issued.

The week rounds out with a raft of data to be released in the US on Friday. Retail sales data is released with industrial production, export & import prices, consumer sentiment and business inventories.

Economists tip a solid 0.4% lift in retail sales in August after the 0.5% gain in July. The annual rate of sales currently stands at a hefty 6.4%. Production may have lifted by 0.3% in August after the 0.1% increase in July.

Similarly it’s a big day for new data in China on Friday. Again retail sales and production data are issued, together with investment figures. Lending and money supply figures are also tentatively scheduled for release on Friday.

On Saturday, China’s house price index is released for August. Home prices are currently up 5.8% over the year.