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Job, manufacturing reports today

Mike Yamamoto (mike.yamamoto@optionmonster.com)

Markets will face a day of important economic reports, though attention may remain focused on the Fed as it opens its annual meeting in Jackson Hole, Wy.

The economic data begins with weekly jobless claims at 8:30 a.m. ET, which are expected to show filings 329,000 versus the previous reading of 320,000. This report is also important to the Fed issue, as the rate of employment is a key factor in its decisions.

The Markit "flash" reading of the PMI Manufacturing Index for August will be announced at 8:58 a.m. ET. The consensus forecast is 53.5, up slightly from the last report of 53.2. Europe is also expected to release PMI numbers in the early morning.

The FHFA Home Price Index for June will follow at 9 a.m. ET. It is expected to show a gain of 0.6 percent, compared with the previous rate of 0.7 percent.

Leading indicators for July will be reported at 10 a.m. ET. Economists are estimating 0.5 percent, following no change in June.

The Kansas City Fed Manufacturing Index for August comes out at 11 a.m. ET. A reading of 5 is expected, down from 6 in July.

The focus on the central bank continues at 2 p.m. ET when Dallas Federal Reserve Bank President Richard Fisher is scheduled to deliver a speech in Orlando.

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