All eyes are on the labor market this week, with a slate of key reports set to provide fresh insight into the labor market. The first data point comes Tuesday with the JOLTS report, where economists expect job openings to fall to 7.05 million—potentially the lowest level since December 2020. On Wednesday, private payrolls are projected to increase by just 70,000. Jobless claims are forecast to tick up slightly to 243,000 on Thursday. But the main event comes Friday, when May’s nonfarm payroll report is expected to show a gain of 130,000 jobs—the smallest increase since February.
Other Notable Releases:
Monday: ISM Manufacturing PMI is expected to rise slightly to 49
Wednesday: Fed Beiege Book
Thursday: ECB is expected to drop rates to 2.15% and the trade deficit is expected to slow to -$66B, the lowest level since December 2023
Friday: Total consumer credit is expected to rise by $9B
