Manufacturing PMI and services PMI highlight Friday’s economic calendar

As traders approach another pivotal day for financial markets, a series of crucial economic data releases that could sway market dynamics are expected on Friday, November 21, 2025. The manufacturing and services PMI figures will take center stage, offering key insights into the health of these vital sectors of the U.S. economy. These closely watched indicators will provide valuable information on whether business activity is expanding or contracting across different segments of the economy.

Major Economic Events to Watch

• 9:45 AM ET - Manufacturing PMI: Expected at 52.0, down from previous 52.5. This index measures activity levels among manufacturing purchasing managers, with readings above 50 indicating expansion in the sector.

• 9:45 AM ET - Services PMI: Forecast at 54.6, slightly below the previous 54.8. This release surveys executives in private sector service companies, with readings above 50 signaling improvement in the sector.

Other Important Economic Events to Watch

• 7:30 AM ET - FOMC Member Williams Speaks: Comments from New York Fed President Williams could provide insights into monetary policy direction.

• 8:00 AM ET - Federal Budget Balance: Expected at -$223.4B, compared to previous $198.0B. This measures the difference between federal government income and expenditure.

• 8:30 AM ET - Fed Vice Chair for Supervision Barr Speaks: His remarks may offer perspective on banking regulation and supervision.

• 9:15 AM ET - Industrial Production: Previous reading was 0.1%. This indicator measures changes in the inflation-adjusted value of output from manufacturers, mines, and utilities.

• 9:15 AM ET - Capacity Utilization Rate: Forecast at 77.3%, slightly below previous 77.4%. This shows the percentage of production capacity being utilized.

• 9:45 AM ET - S&P Global Composite PMI: Expected at 54.5, compared to previous 54.6. This combines manufacturing and services sector activity.

• 10:00 AM ET - Michigan Consumer Sentiment: Forecast at 50.3, down from previous 53.6. This index reflects consumer confidence in economic conditions.

• 10:00 AM ET - Michigan Consumer Expectations: Expected at 49.0, below previous 50.3. This component focuses on consumers’ outlook for future economic conditions.

• 10:00 AM ET - Housing Starts: Forecast at 1.320M, up from previous 1.307M. This measures new residential construction activity.

• 10:00 AM ET - Housing Starts (percentage change): Previous reading was -8.5%.

• 10:00 AM ET - Wholesale Inventories: Expected at -0.2%, compared to previous 0.0%. This tracks changes in the value of goods held by wholesalers.

• 12:00 PM ET - Atlanta Fed GDPNow: Forecast at 4.2%, unchanged from previous. This provides a running estimate of real GDP growth for the current quarter.

• 1:00 PM ET - Baker Hughes U.S. Rig Count: Previous count was 417. This serves as a leading indicator of demand for oil products.

• 1:00 PM ET - U.S. Baker Hughes Total Rig Count: Previous count was 549.

• 3:30 PM ET - CFTC Crude Oil speculative positions: Previous was 103.3K. This data shows speculative positioning in crude oil futures markets.

• 3:30 PM ET - CFTC Gold speculative positions: Previous was 252.9K. This reveals speculative positioning in gold futures.

• 3:30 PM ET - CFTC Nasdaq 100 speculative positions: Previous was 41.0K.

• 3:30 PM ET - CFTC S&P 500 speculative positions: Previous was -136.7K. This data shows speculative positioning in S&P 500 futures.

Other Economic Events to Watch

• 8:30 AM ET - Real Earnings: Previous reading was -0.1%. This measures wages and salaries adjusted for inflation.

• 8:45 AM ET - Fed Governor Jefferson Speaks: His comments may provide additional insight into Fed policy thinking.

• 9:00 AM ET - Fed Logan Speaks: Dallas Fed President Logan may offer regional economic perspectives.

• 10:00 AM ET - Michigan Current Conditions: Forecast at 52.3, down from previous 58.6. This component reflects consumers’ assessment of current economic conditions.

• 10:00 AM ET - Michigan 1-Year Inflation Expectations: Expected at 4.7%, up from previous 4.6%. This shows consumers’ inflation expectations for the coming year.

• 10:00 AM ET - Michigan 5-Year Inflation Expectations: Forecast at 3.6%, down from previous 3.9%. This indicates longer-term inflation expectations.

• 3:30 PM ET - CFTC Soybeans speculative positions: Previous was -8.3K.

• 3:30 PM ET - CFTC Corn speculative positions: Previous was -81.3K.

• 3:30 PM ET - CFTC Wheat speculative positions: Previous was -75.1K.

• 3:30 PM ET - CFTC Natural Gas speculative positions: Previous was -125.2K.

• 3:30 PM ET - CFTC Silver speculative positions: Previous was 49.7K.

• 3:30 PM ET - CFTC Copper speculative positions: Previous was 32.6K.

• 3:30 PM ET - CFTC Aluminium speculative net positions: Previous was 0.4K.

For further information and the latest updates, please refer to our Economic Calendar, here

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.