The Economic Week Ahead, August 8-12

It's a big week for inflation indicators. The fun starts on Monday, when the FRB-NY releases its July survey of consumer expectations for inflation over the next 12 months and 36 months. Falling gasoline prices last month might have reduced expectations for inflation a bit.

Then on Tuesday, Q2's productivity and labor costs release is likely to show another big drop in the former and sharp increase in the latter as occurred during Q1. It may be that companies have been hoarding scarce workers, but don't have enough for them to do, especially if supply-chain disruptions disrupted operations.