3 unions remain in talks to avert rail strike

3 unions remain in talks to avert rail strike

Here are the events that take place on Thursday.

Three unions are still talking about the deadline to avert a U.S. freight railroads strike by Friday morning.

One of the 12 unions that were involved in the strike agreed to delay the strike because of the talks with other unions.

Two of the ratified agreements and three others remained at the bargaining table just days ahead of the strike deadline, which is threatening to intensify snarls in the nation's supply chain that has contributed to rising prices.

Two - the Transportation Communications Union and the Brotherhood of Railway Carmen unions - voted to ratify their contracts Wednesday, after nine had agreed to tentative deals.

A strike could cause major disruption to passenger rail. Amtrak has already canceled all of its long-distance trains as negotiations continue.

Economists surveyed by Refinitiv expect consumer spending to be flat in August for the second month in a row. Spending is up by 0.1% in August, compared to July's 0.4% pop. The retail sales data is not adjusted for inflation, so there is no way to know if sales are up because more goods were purchased or because consumers just paid more to cover higher prices.

The Labor Department will release its total of new claims for unemployment benefits last week, expected to provide more evidence of a tight labor market that is cooling.

Expectations are for a slight increase to 226,000 after falling unexpectedly to a three-and-a-half month low of 222,000 the previous week. The total number of workers who are receiving unemployment benefits is expected to be higher to 1.475 million.

FED REPORTS: The Empire State Manufacturing Survey is expected to rise to - 13.0, remaining in contraction territory for a second month after plunging unexpectedly to - 31.3 in August. More New York-area manufacturers say business conditions are worsening rather than improving because of a number below zero.

The Philadelphia Federal Reserve is going to release its index of manufacturing activity for eastern Pennsylvania, southern New Jersey, and Delaware. It is expected to retreat to 2.8 this month after a surprise jump into expansion territory in August. Any reading above zero means that more manufacturers say business conditions are improving rather than worsening according to the NY Fed.

Other reports include import and export prices for August, industrial production data and July business inventories.