Last Friday the markets dove on the employment report's underwhelming results stating that the private sector created only 41,000 jobs in May. Over the next two days of this week, the market - looking for something to react to since no new Euro story or comments of significance have emerged - will have a chance to focus on the health of the US economy once again... and potentially redeem itself.
TOMORROW -- intial jobless claims and international trade are reported at 8:30am.
We'll be looking to see if initial jobless claims move much lower than the 445,000-455,000 range that has been so consistent for the past 4 months. That's a stable range and its good its not increasing, but we'll have to see it down closer to 400,000 before unemployment begins to feel any better. The international trade report is expected to show another trade deficit at -40 Billion dollars. This coincides with a Chinese report this morning stating that its exports were strong. This indicates continued weaker US exports which hinders growth and beckons back to our 2000s nature of a nation of leveraged consumers.
FRIDAY -- retail sales at 8:30; consumer sentiment at 9:55; business inventories at 10am.
Continued gains of 0.4% in retail sales are expected (compared to April's rate of 0.4%), albeit auto sales are expected to have slowed from the prior report. Consumer sentiment is expected to stay the same/nudge marginally higher. Business inventories are expected to continue recent gains at a rate of 0.5% (compared to 0.4% for March).
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