The “Spring tsunami” gets underway on Monday. Around a dozen indicators will be released in the first two weeks of September, with economic growth and the Reserve Bank Board meeting in focus next week.

Monday 2 September

1. The week kicks-off with the release of five economic indicators. Both AiGroup and the Commonwealth Bank issue survey results on manufacturing activity early in the day.

2. CoreLogic releases the much-anticipated August data on home prices. Based on daily data released so far, home prices have fallen by 0.4% in the five mainland capital cities to stand 2.7% lower than a year ago. 

3. ANZ releases the August data on job advertisements on Monday and the Bureau of Statistics (ABS) releases the quarterly Business Indicators publication and retail trade data.

4. Job ads rose by 1.5% in July after falling 1.7% in June. Hiring has slowed from the frenetic pace of 2017.

5. The ABS business indicators publication includes data on sales, profits, wages and inventories so the data is important in rounding out our knowledge of the economy.

6. Retail trade may have lifted by a modest 0.2% in August.

Tuesday 3 September

1. The Reserve Bank Board convenes for what is expected to be an uneventful meeting with interest rates likely to remain unchanged for a 25th straight month (23rd meeting). In the evening Governor Philip Lowe speaks in Perth.

2. The weekly consumer confidence, government finance and the quarterly balance of payments data are due for release.

Wednesday 4 September

1. The ABS releases the June quarter estimate of economic growth – as judged by the change in gross domestic product (GDP). There are a number of components of the GDP equation still to be revealed, but on current information it seems like the economy grew by 0.6-0.8% in the quarter. The Reserve Bank is expecting annualised economic growth to lift to around 3.25% over the coming year.

2. New car sales data are scheduled. In July, 85,551 new vehicles were sold, down 7.8% over the year. In the 12 months to July, sales totalled 1,187,883 units, up 0.6% on a year ago. And the both the AiGroup and the Commonwealth Bank services gauges are issued.

Thursday 5 September

The ABS releases the July data on exports and imports. The trade surplus rose from $725 million to $1,873 million in June. It was the 11th surplus in 13 months. A July surplus of around $900 million is tipped.

Friday 6 September

AiGroup releases its construction industry gauge for August. And housing finance data is issued for July. The number of loans (commitments) by homeowners (owner-occupiers) fell by 1.1% in June. The total value of new housing commitments fell by 1.6% in June. Investor loans are at five-year lows.

What’s ahead overseas?

On Monday

The week kicks off in China when Caixin releases its manufacturing survey. Manufacturing activity grew at its slowest pace in eight months in July amid shrinking export orders due to trade tensions with the US.

And Tuesday… 

1. The ISM manufacturing index is issued in the US. Manufacturing demand is strong and new orders have increased for 15 successive months, but input and raw materials prices are elevated.

2. The regular weekly data on chain store sales is scheduled together with the construction spending figures. Spending is expected to have fallen by around 1 per cent in July.

Then Wednesday…

1. China’s Caixin services gauge is released for the month of August. In July, new business growth was the weakest since December 2015, but remained expansionary.

2. Weekly data on new mortgage applications, vehicle sales and international trade data are issued in the US. The June trade deficit was the biggest in more than18 months as the boost to exports from soybean shipments faded and higher oil prices lifted imports. A deficit of US$46.4 billion is tipped in July.

Come Thursday…

The Challenger job cuts, ADP private sector employment report, factory orders and the weekly data on new claims for unemployment insurance are issued. In June, factory orders lifted by 0.7%, but business spending plans on equipment were not as strong as expected.

By Friday…

The much anticipated US non-farm payrolls (jobs) report is issued. In July, 157,000 jobs were created. Economists expect that a further 180,000 jobs were generated in August, but the unemployment rate may have held at 3.9%. Average hourly earnings are tipped to lift by 0.3% in August, with annual growth remaining at 2.8%.

And finally on Saturday…

China’s trade data for August is scheduled.