The stock market will remain closed on Monday because of Independence Day. The week, in general, will be quite light in regards to the earnings calendar as investors return, but with plenty of notable economic releases to process.
The week’s highlight will be the June jobs report issued by the Bureau of Labour Statistics on Friday. On average, economists set expectations at a gain of 250,000 nonfarm payrolls after an increase of 390,000 in May. However, the unemployment rate is expected to hold steady at 3.6%.
Other data to be released this week includes the Institute for Supply Management’s Services Purchasing Manger’s Index for June will be reported on Wednesday, and the Labour Department’s initial jobless claims for the latest week on Thursday. Wednesday will also feature minutes from the mid-June monetary-policy meeting released by the Federal Open Market Committee. At that meeting, the central bank raised the federal-funds rate by 75 basis points.
Equity and bond markets closed for Independence Day.
Durable goods report for May released by the Census Bureau. Factory orders, which include both durable and nondurable manufactured goods, are expected to gain by 0.6% month over month, after increasing 0.3% in April. The initial estimates released this past week indicated that new orders for durable manufactured goods climbed 0.7% to a seasonally adjusted $267.2 billion.
The Federal Open Market Committee releases minutes from its mid-June monetary-policy meeting. The FOMC increased the federal- funds rate by 75 basis points from 1.50% to 1.75% at that meeting- the largest increase since 1994.
Job openings and Labour Turnover Survey released by the Bureau of Labour Statistics. Economists’ forecast stood at 11.2 million job openings on the last business day of May, 200,000 lower than the April figure. Despite the varied evidence that there’s a weakened job market, the number of job openings remains near record levels and nearly double the ranks of the unemployed.
The Insitute for Supply Management releases its Services Purchasing Managers’ Index for June. The consensus estimate stood at a 54 reading, roughly two points less than the May figure. The Services PMI, a tracker of economic activity in the nation’s services sector, registered 24 consecutive months of reading above 50, a strong growth indicator.
Levi Strauss releases second-quarter fiscal 2022 earnings.
Costco Wholesale reports revenue data for June.
Initial jobless claims for the week ending July 2 released by the Labour Department. Jobless claims averaged 231,750 in June and have normalized to roughly pre-pandemic levels. This following a period of record-high claims and more recently, historically low jobless claims.
Consumer credit data report for the month of May released by the Federal Reserve. Revolving credit, which is primarily credit card debt, increased at a seasonally adjusted annual rate of 19.6% in April.
Federal Reserve Bank of New York President John Williams speaks to the University of Puerto Rico Mayaguez about the outlook for the U.S and the local economy.
The BLS releases its jobs report for the month of June. The economy is expected to gain 250,000 after increasing by 390,000 in May. The unemployment rate stays level at 3.6%, near historic lows. Average hourly earnings are forecast to increase 5.2% year over year, matching the May data.