OK, the three day weekend (for American readers) is officially over.The good news is that we’ve got a huge, jam-packed 4-day week coming.
Some of the highlights (estimates via Yahoo Finance):
- Tuesday: Case-Shiller: Housing has been getting worse and worse, and this latest reading (for March) is expected to be quite ugly (est. -3.4%). Also we get Chicago PMI (est. 62.5), which, given the string of poor regional surveys has the potential to be a major bummer.
- Wednesday: It’s jobs week, so we get ADP (est. 170K) and Challenger, though the market reacts very little to either one these days, given that in recent months they’ve not done much to adequately forecast the jobs number on Friday. More importantly at 10:00 AM comes ISM (57.6), which again could be rather weak.
- Thursday: Initial claims numbers (est. 413K) will obviously be closely watched for the trend, but coming a day ahead of the Non-Farm Payrolls report might be a little less consequential than in other weeks. Also on Thursday comes Factory Orders and Productivity — all good stuff.
- Friday: HERE IT IS. The May Jobs Report (est. +185K). It needs no commentary. Also ISM on Friday.
So, we got a big one, and there’s a good chance that by the end the string of weak econ data we’ve been seeing will be confirmed.
And of course, this is just what we know is coming. Should be a wild one in Europe, too.
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