Spotlight on big banks
Citigroup and JPMorgan Chase report their latest quarterly results today.
Like other big investment banks, the two lenders have benefited this year from rising interest income. The Federal Reserve has been steadily raising interest rates, which has allowed banks to charge more on loans. Wall Street predicts Citigroup and JPMorgan’s earnings improved in the third quarter versus a year earlier.
Economists expect that the prices producers receive for their goods and services continued to climb last month.
They project the Labor Department will report today that its producer price index climbed 0.4 percent in September. That would be the second increase in a row and the biggest jump since April. The index rose 0.2 percent in August, reflecting higher energy costs.
Labor market bellwether
The Labor Department reports today its latest weekly figures on applications for unemployment benefits.
Jobless aid applications dropped two weeks ago to a seasonally adjusted 260,000, as claims returned to more normal levels following the disruptions caused by Hurricane Irma and Harvey. Despite the impact of the storms, the overall level of claims remains low, suggesting that most American workers enjoy job security.