This Week: Pfizer earns, Fed meeting, nonfarm payrolls
A look at some of the key business events and economic indicators upcoming this week:
VACCINE BOOST
Pfizer reports its third-quarter results Tuesday.
The drugmaker has benefited this year from strong sales of its COVID-19 vaccine and other medicines. Its revenue nearly doubled in the second quarter, helping boost its profit nearly 60% from the same quarter last year. Wall Street expects Pfizer’s earnings and revenue rose sharply in the July-September quarter versus the same period last year.
THE FED SPEAKS
The Federal Reserve delivers an economic and interest rate policy update Wednesday, following a two-day meeting of its policymakers.
The central bank is expected to announce a timetable to begin reducing its $120 billion in monthly bond purchases, which have been designed to boost the economy by holding down long-term interest rates. Wall Street will be listening for clues to when the Fed may begin raising its benchmark interest rate in the face of rising price pressures.
ALL ABOUT JOBS
Economists predict hiring in the U.S. accelerated in October after slowing the previous two months.
The Labor Department is expected to report Friday that nonfarm employers added 400,000 jobs in October. That would be up from 194,000 jobs in September. The August-September decline in hiring came as the coronavirus’ delta variant spread, discouraging some people from flying, shopping and dining out.
Nonfarm payrolls, monthly change, seasonally adjusted:
May 614,000
June 962,000
July 1,091,000
Aug. 366,000
Sept. 194,000
Oct. (est.) 400,000
Source: FactSet