This Week's Macro Outlook: Nonfarm Payrolls and PCE Data Take Center Stage, Micron to Release Earnings After Wednesday's Market Close

The highlight of this week’s macroeconomic data is undoubtedly the U.S. Nonfarm Payrolls report on Friday. The report includes three core figures—nonfarm payrolls, unemployment rate, and average hourly earnings—and is directly tied to the Federal Reserve’s interest rate path, making it a highly significant employment data point ahead of the October policy meeting. Below are the key market focuses for the coming week (all times Beijing Time): - Wednesday 20:15: U.S. September ADP employment change - Wednesday 20:30: U.S. August core PCE price index year-over-year rate - Thursday 16:00: Bank of England Governor Andrew Bailey delivers a speech - Thursday 20:30: U.S. initial jobless claims for the week ended September 26 - Thursday 21:30: European Central Bank President Christine Lagarde delivers a speech - Friday 20:30: U.S. September seasonally adjusted nonfarm payrolls and unemployment rate Starting from Wednesday early morning, Federal Reserve officials will hold a flurry of public events. 2027 FOMC voting member and Chicago Fed President Austan Goolsbee, and 2028 FOMC voting member and St. Louis Fed President Alberto Musalem will deliver speeches in succession. Permanent FOMC voting member and New York Fed President John Williams will give a keynote speech at the University at Buffalo. On Thursday, Fed Governor Lisa Cook, Minneapolis Fed President Neel Kashkari, and Richmond Fed President Thomas Barkin will speak one after another; on Friday, Williams and Dallas Fed President Lorie Logan will also hold public events. In U.S. equities: Micron Technology (MU.O) will release its earnings report after Wednesday’s market close; on Thursday, Nike (NKE.N) will announce its latest quarterly results. The two companies track two key themes: memory chips and consumer demand respectively.