Looking Ahead: Week of September 3 to September 7
Market News International compiles a market consensus that surveys 15 to 20 economists each week.

Tuesday
Economists are predicting the NAPM Survey will edge up to 44.0 percent in August from a level of 43.6 percent in July. The Chicago purchasing managers' index rose for the month as well and is often considered a leading indicator of the NAPM. Keep in mind that any level below 50 percent still represents a declining manufacturing sector. (Forecast range: 42.6 to 45) The market consensus is looking for a level of 37 percent on the prices paid component, a decrease from July's level of 38.7. (Forecast range: 36.0 to 38.5)

Construction expenditures are expected to remain unchanged in July after declining 0.7 percent in June. In the past couple of months, residential construction expenditures had stabilized but nonresidential structures were headed lower. (Forecast range: -0.5 to +0.2 percent)

Wednesday
The market consensus is looking for a downward revision in nonfarm business productivity to a 2 percent rate, rather than the 2.5 percent rate initially estimated. This reflects the downward revision in real GDP for the second quarter. (Forecast range: 1.8 to 2.1 percent) At the same time, unit labor costs are expected to be revised higher to a 2.7 percent rate from the initial estimate of 2.1 percent. (Forecast range: 2.3 to 4.1 percent)

Thursday
Initial jobless claims should remain roughly unchanged in the week ended September 1. Economists are predicting a level of 400,000 whereas last week's level was initially estimated at 399,000. (Forecast range: 390,000 to 415,000)

Friday
Economists are predicting that nonfarm payrolls should decline 35,000 in August, a bit less than the declines of the two previous months. The bulk of the weakness will be concentrated in manufacturing. (Forecast range: -130,000 to +25,000) Factory payrolls are estimated to drop 50,000 during the month. (Forecast range: -110,000 to -20,000)

Average hourly earnings are expected to rise 0.3 percent in August, in line with the average of the past several months. (Forecast range: 0.2 to 0.3 percent) The average workweek should remain unchanged at 34.2 hours. (Forecast range: 34.2 to 34.3 hours) The unemployment rate is predicted to edge up to 4.6 percent in August after remaining at 4.5 percent for the past couple of months. (Forecast range: 4.5 to 4.7 percent)