INDICATOR: May Job Openings and Labor Turnover Survey
KEY DATA: Openings: +171,000; Hiring: -52,000; Quits: +60,000
IN A NUTSHELL: "Rising openings and increasing labor turnover is another sign that the labor market is improving rapidly."
INDICATOR: June Supply Managers' Manufacturing Index and May Construction
KEY DATA: ISM (Manufacturing): down 0.1 point; Orders: up 2 points: Employment: flat/ Construction: up 0.1%
IN A NUTSHELL: "Manufacturing activity remains solid and the sharp rise in demand points to improvement going forward."
INDICATOR: May Industrial Production and June Empire State Index
KEY DATA: IP: +0.6%; Manufacturing: +0.6%/Empire State: +0.2 point; Orders: +8 points
IN A NUTSHELL: "With manufacturing accelerating, there is every good reason to believe that the economy is beginning to hit its stride."
INDICATOR: May Retail Sales and Import and Export Prices
KEY DATA: Sales: +0.3%; Excluding Vehicle: +0.1%/Non-Fuel Import Prices: 0%; Farm Export Prices: +0.5%/Jobless Claims: 317,000 (up 4,000)
IN A NUTSHELL: "Consumers are out shopping but maybe not as much as hoped."
INDICATOR: May Employment Report
KEY DATA: Payrolls: +217,000; Private: 216,000; Unemployment Rate: 6.3% (unchanged); Hourly Wages: +0.2%
IN A NUTSHELL: "A better than expected employment report reinforces the belief that the labor market is strengthening and the economy is picking up steam."
KEY DATA: ADP: 179,000; 500-999 employees: -3,000/Trade Deficit: $47.2 billion ($3 billion wider)
IN A NUTSHELL: "May job growth may have been a little less than expected but with imports rising, it looks like the economy is moving forward solidly."
KEY DATA: CoreLogic (monthly): +2.1%; Year-over-Year: +10.5%/ISM (Manufacturing): +0.5 points; Orders: +1.8 points; Employment: -1.9 points
IN A NUTSHELL: "Housing price increases remain pretty solid and with the economy improving, we should see sales continue to rise."
KEY DATA: Durables: +0.8%; Excluding Defense: -0.8%; Business Investment: -1.2%/ Consumer Confidence: up 1.3 points
IN A NUTSHELL: "Confidence is rising and coupled with solid goods orders and growing backlogs, it looks like growth is indeed picking up."