Markets enter Thursday, September 3, 2026, with attention focused on a sequence of economic reports that together will provide fresh readings on services-sector activity and labor-market dynamics. The headline items are the ISM Non-Manufacturing PMI, Initial Jobless Claims and S&P Global's Services PMI. Investors and strategists will parse these prints for signs of either resilience or softening in demand, and for any implications for prices and hiring.
Key scheduled releases
The most market-facing data are timed for the U.S. morning session. The schedule below lists the principal releases and the consensus expectations where available:
- 7:30 AM ET - Initial Jobless Claims: Expected at 205,000 versus 203,000 prior. This series measures the number of people filing for unemployment insurance for the first time during the reported week.
- 8:45 AM ET - Services PMI (S&P Global): Expected at 56.8 versus 54.6 prior. The index is based on surveys of more than 400 executives at private-sector service companies; readings above 50 indicate expansion.
- 9:00 AM ET - ISM Non-Manufacturing PMI: Expected at 54.2 versus 54.1 prior. The ISM composite gauges overall conditions for the non-manufacturing sector; readings above 50 denote expansion.
Additional releases that may affect market sentiment
Several other data points are also scheduled around the same time and could provide context for the main reports:
- 7:30 AM ET - Nonfarm Productivity: Expected at +1.4% versus +0.8% prior. This measures the annualized change in labor efficiency for producing goods and services, excluding farming.
- 7:30 AM ET - Unit Labor Costs: Expected at +1.3% versus +1.3% prior. Unit labor costs capture the annualized change in the price businesses pay for labor and are a leading indicator of consumer inflation.
- 7:30 AM ET - Trade Balance: Expected at -$86.40 billion versus -$73.30 billion prior. This statistic reports the difference in value between imports and exports of goods and services.
- 7:30 AM ET - Continuing Jobless Claims: Previous reading at 1,778,000. This series measures the number of unemployed people who continue to claim benefits.
- 7:30 AM ET - Exports: Previous reading at $314.70 billion. This provides the total U.S. dollar value of merchandise exports.
- 7:30 AM ET - Imports: Previous reading at $388.00 billion. This reports the total U.S. dollar value of merchandise imports.
- 7:30 AM ET - Fed Waller Speaks: Federal Reserve Governor Christopher Waller is scheduled to make remarks.
- 8:45 AM ET - S&P Global Composite PMI: Expected at 56.0 versus 54.5 prior. The composite combines manufacturing and services data to assess private-sector performance.
- 9:00 AM ET - ISM Non-Manufacturing Employment: Previous reading at 47.4. This component of the ISM Non-Manufacturing PMI tracks employment trends within the services sector.
- 10:30 AM ET - Atlanta Fed GDPNow: A running estimate of real GDP growth for the current quarter based on incoming data.
- 3:30 PM ET - Reserve balances with Federal Reserve Banks: Previous reading at $2.916 trillion. This shows the amount of funds that depository institutions keep on deposit at regional Federal Reserve Banks.
- 3:30 PM ET - Fed's Balance Sheet: Previous reading at $6,731 billion. This is the statement of assets and liabilities for the Federal Reserve System.
Other items on the calendar
Beyond the core morning releases, additional scheduled data and reports may provide further color on labor markets, business activity and energy inventories:
- 4:30 AM ET - Challenger Job Cuts: Previous reading at 33,429. This release tracks announced corporate layoffs by industry and region.
- 4:30 AM ET - Challenger Job Cuts (percent change): Previous reading at -46.1%.
- 9:00 AM ET - ISM Non-Manufacturing Business Activity: Previous reading at 59.1. This subindex captures business-activity levels in the non-manufacturing sector.
- 9:00 AM ET - ISM Non-Manufacturing Prices: Previous reading at 70.3. This subindex tracks prices paid by firms in the non-manufacturing sector.
- 9:00 AM ET - ISM Non-Manufacturing New Orders: Previous reading at 57.2. This series measures new orders received by non-manufacturing firms.
- 9:30 AM ET - Natural Gas Storage: Expected at 30 billion cubic feet versus 15 billion prior. This reports the weekly change in underground natural gas quantities held in storage.
- 10:30 AM ET - 4-Week Bill Auction: Previous rate at 3.650%.
- 10:30 AM ET - 8-Week Bill Auction: Previous rate at 3.670%.
Context and market relevance
Taken together, these readings will supply market participants with a concentrated update on demand conditions in the service economy, near-term labor-market momentum and cost pressures. The ISM and S&P Global PMI readings deliver complementary survey-based snapshots of activity and order flow in services. Jobless claims remain the timeliest measure of labor-market frictions, while productivity and unit labor costs touch on supply-side efficiency and wage-driven inflation risks.
Traders are likely to weigh the data across multiple dimensions: whether services activity is accelerating or cooling, whether initial and continuing claims point to stability or deterioration in employment, and whether unit labor costs suggest mounting or easing inflation pressures. Fed commentary scheduled for the morning also adds a layer of potential market sensitivity.
What to monitor at release time
- Market attention will focus on deviations from the expected figures in the ISM and S&P Global services measures, as well as on any sizable moves in jobless claims.
- Cross-checking the PMI components - including employment, new orders and prices - can offer more granular insight than headline readings alone.
- Movements in trade balance, productivity and unit labor cost prints could influence inflation expectations and, by extension, fixed-income and currency markets.
For traders and analysts seeking the latest timing and updates, consult the Economic Calendar for the most current listings of release times and readings.
Thursday's schedule contains numerous interlocking reports; interpreting them collectively will be essential for understanding near-term trends in services, jobs and costs.