Economic Calendar Explained: CPI, Jobs, PCE, GDP and FOMC Release Times

Economic Calendar Explained

Big scheduled reports like CPI and the jobs report can move the whole market. Here is what each one measures, who publishes it and when it comes out in your time zone. Release dates link to the official schedules.

Times shown in your time zone:

CPI (Consumer Price Index)

What it measures: The change in prices consumers pay for a basket of goods and services. 'Core' leaves out food and energy.

Published by: Bureau of Labor Statistics · Timing: Monthly, usually mid-month · Release time:

Official release schedule

Employment Situation (jobs report)

What it measures: Payroll job gains, the unemployment rate and average hourly earnings.

Published by: Bureau of Labor Statistics · Timing: Monthly, usually the first Friday · Release time:

Official release schedule

PPI (Producer Price Index)

What it measures: Prices businesses receive for their output, an early read on cost pressure.

Published by: Bureau of Labor Statistics · Timing: Monthly, near CPI · Release time:

Official release schedule

JOLTS (job openings)

What it measures: Job openings, hires and quits.

Published by: Bureau of Labor Statistics · Timing: Monthly · Release time:

Official release schedule

PCE price index (Personal Income and Outlays)

What it measures: The inflation gauge the Federal Reserve targets (2%).

Published by: Bureau of Economic Analysis · Timing: Monthly, near month-end · Release time:

Official release schedule

GDP

What it measures: The total output of the US economy, shown as an annualized growth rate.

Published by: Bureau of Economic Analysis · Timing: Quarterly, with advance, second and third estimates · Release time:

Official release schedule

FOMC rate decision

What it measures: The Fed's interest rate decision, followed by the Chair's press conference at 2:30 PM ET.

Published by: Federal Reserve · Timing: 8 scheduled meetings a year · Release time:

Official release schedule

Why the surprise matters more than the number

  • Prices already reflect what traders expect. Markets tend to react to the gap between the actual number and expectations.
  • Implied volatility on index options often rises into a big release and eases after it, similar to an earnings IV crush but usually smaller.
  • Pre-market moves at 8:30 AM ET can open the regular session with a gap.
  • Revisions to earlier months can matter as much as the headline.