This week, the nation’s latest unemployment report is likely to attract attention. Two weeks ago, the Federal Reserve indicated that it could start rolling back its stimulus measures this year if the economy continues to improve. Markets and mortgage rates did not react well to the news. The jobs report should show how fast the country is moving along the road to recovery.
The Institute of Supply Management (ISM) releases its manufacturing index for June at 10 a.m. Analysts predict that the index — which signals the health of the manufacturing sector — will increase to 50.5, from a four-year low of 49 in May. The index has slowly declined since the beginning of the year.
Construction spending data for May is out at 10 a.m. The amount of spending is expected to increase 0.6 percent, up from 0.4 percent in April, spurred by the recovering housing market.
Mark Carney, former governor of the Bank of Canada, begins his new position as governor of the Bank of England, succeeding Mervyn King.
Factory orders data for May are released at 10 a.m. Orders are projected to increase by 2 percent, after an increase of 1 percent in April. Automobile manufacturers release sales figures through the day.
The nation’s private-sector jobs report, released by payroll-processing firm Automated Data Processing, is out at 8:15 a.m. The number of jobs added in June is forecast to rise to 158,000, from 135,000 in May.
May’s trade deficit is projected to widen to $40.8 billion, from $40.3 billion in April.
The ISM releases its June nonmanufacturing index at 10 a.m., which covers sectors such as transportation and retail. The index is forecast to rise to 54.1, from 53.7.
Weekly jobless claims are expected to fall to 345,000 from last week’s 346,000.
Markets are closed for Independence Day.
It’s jobs report day. The unemployment rate in June is expected to go down a notch, to 7.5 percent. In May, the rate was 7.6 percent and 175,000 jobs were added. Last week, a revision to the nation’s growth rate showed that the economy grew at a slower pace in the first quarter than originally estimated.