Preview: Due August 5 - U.S. July ISM Services - Keeping to a tight range

July 28, 2026 7:20 PM UTC

We expect a July ISM services index of 54.5, returning to May’s level after a dip to 54.0 in June. The index has been in a tight range since December, apart from a brief bounce to 56.1 in February.

Preview: Due August 3 - U.S. July ISM Manufacturing - Deliveries and prices paid normalizing

July 28, 2026 6:26 PM UTC

We expect modest slippage in July’s ISM manufacturing index to 53.0 from 53.3, extending a dip from May’s bounce to 54.0 which was the highest level since May 2022. 

Preview: Due August 7 - Canada August Employment - Another positive month, but tariffs a risk going forward

July 27, 2026 3:32 PM UTC

We expect Canadian employment to increase by 20k in July, a third straight gain, similar to June’s 18.2k though well below May’s 87.8k which was correcting preceding weakness. We expect unemployment to match June’s 6.5% but before rounding to fall to 6.451% from 6.498%.

Preview: Due July 28 - U.S. June Advance Goods Trade Balance - Deficit to correct lower, but remain large

July 27, 2026 12:08 PM UTC

We expect an advance June trade deficit of $100.8bn, down from $105.9bn in May which was the widest since a record pre-tariff deficit in March 2025, but still significantly above the deficits seen in the first four months of 2026.

Preview: Due July 24 - U.S. June New Home Sales - A correction higher though trend has slowed

July 23, 2026 4:19 PM UTC

We expect a June new home sales total of 615k, which would be an increase of 6.0% if May’s 7.3% decline to 580k sees no revisions. This would still sustain step down in trend in 2026 to date, with movements in the preceding two years outside a 650-700k range having tended to be brief.

Preview: Due July 24 - U.S. July S&P PMIs - Manufacturing strong, marginal improvement in services

July 23, 2026 3:18 PM UTC

We expect gains in July’s S and P PMIs, more significantly in manufacturing, to 55.5 from 53.9, with a more moderate increase in services to 51.5 from 51.2.

Preview: Due July 20 - Canada June CPI - Energy to correct lower but BoC core rates seen mostly stable

July 17, 2026 5:39 PM UTC

We expect June Canadian CPI to correct lower to 3.0% yr/yr from May’s 3.2% which was the highest since December 2023, with a slowing to 2.98% from 3.23% before rounding. The Bank of Canada’s core rates however are likely to remain mostly stable with CPI-Median at 2.1% and CPI-Trim at 2.0%, both

Preview: Due July 30 - U.S. Q2 GDP - Strong domestic demand but weakness in net exports and inventories

July 17, 2026 5:13 PM UTC

We expect a modest Q2 GDP increase of 1.4% annualized, though there is still uncertainty over June data for trade and inventories, which we expect to act as negatives in the quarter as a whole, while assuming some improvement in their June data. 

Preview: Due July 28 - U.S. June Advance Goods Trade Balance - Deficit to correct lower, but remain large

July 17, 2026 3:24 PM UTC

We expect an advance June trade deficit of $100.8bn, down from $105.9bn in May which was the widest since a record pre-tariff deficit in March 2025, but still significantly above the deficits seen in the first four months of 2026.

Preview: Due July 27 - U.S. June Durable Goods Orders - Aircraft to bounce, ex transport slower but still firm

July 17, 2026 2:58 PM UTC

We expect a 3.7% increase in June durable goods orders after a 4.5% May decline as aircraft regain strength after a sharp dip in May, with a 0.9% increase ex transport, still firm, but less so than in most recent months. 

Preview: Due July 30 - U.S. June Personal Income and Spending - PCE Prices not quite as soft as CPI

July 16, 2026 4:21 PM UTC

June’s personal income and spending report may be overshadowed by the Q2 GDP report released at the same time. We expect a subdued 0.1% increase in core PCE prices, with overall PCE prices down by 0.1%, leaving gains of 0.3% in both personal income and personal spending looking respectable in real

Preview: Due July 24 - U.S. June New Home Sales - A correction higher though trend has slowed

July 16, 2026 2:49 PM UTC

We expect a June new home sales total of 615k, which would be an increase of 6.0% if May’s 7.3% decline to 580k sees no revisions. This would still sustain step down in trend in 2026 to date, with movements in the preceding two years outside a 650-700k range having tended to be brief.

Preview: Due July 17 - U.S. June Housing Starts and Permits - Multiple starts to bounce, but trend is slowing

July 16, 2026 2:20 PM UTC

We look for June housing starts to bounce by 13.0% to 1.33m to correct a sharp 15.4% plunge seen in May, with most of the move again due to the volatile multiples component. We expect permits to suggest a modestly negative underlying trend, falling by 2.1% to 1.38m.

Preview: Due July 24 - U.S. July S&P PMIs - Manufacturing strong, marginal improvement in services

July 16, 2026 1:54 PM UTC

We expect gains in July’s S and P PMIs, more significantly in manufacturing, to 55.5 from 53.9, with a more moderate increase in services to 51.5 from 51.2.