Investors will be paying close attention this week to Fed Minutes from the Federal Reserve’s June meeting released on Wednesday, and weigh a June U.S. jobs report on Friday, the same day a 2 day G20 Summit meeting begins in Hamburg, Germany from the world’s 20 largest economies of the world that will also feature U.S. President Donald Trump meeting with Russian President Vladimir Putin for the first time and likely meet with with Asian leaders on the sidelines about handling North Korea.
The week ahead for traders will be shortened due to Independence Day in the U.S. which is celebrated on Tuesday July 4th but there will be plenty of economic data to digest in the shortened week with earnings season heating up next week.
IHS Markit Manufacturing PMI is due on Monday for the 19 member Euro area and the U.S.
U.S. construction spending for May is also reported on Monday while construction spending, the ISM index, and auto-truck sales are released for the month of June.
On Wednesday investors will be reading closely the minutes from the Federal Reserve’s June meeting that saw Committee members at the Fed voting to increase interest rates with the federal funds by 25 basis point for the second time in 2017 while median projections on the Fed’s plot chart show that one more rate hike is likely to occur this year.
May factory orders are also due on Wednesday along with the MBA Mortgage Applications Index.
ADP will report private sector U.S. employment change for June on Thursday which typically serves as a precursor to Friday’s closely watched June non-farm payroll jobs report from the U.S. Bureau of Labor Statistics.
According to economists from briefing.com, the consensus ADP estimate is for 185,000 private sector jobs added in June while the consensus estimate for Friday’s June non-farm payroll report is 173,000 after May’s disappointing non-farm payroll report which only saw 138,000 jobs added, well below the average monthly gain of 181,000 over the past 12 months.
The U.S. unemployment level is estimated to remain steady at 4.3 percent, the lowest level since March 2001.
Also on Thursday ISM services for June, trade balance (May), Challenger Jobs Cuts (June), Continuing and Initial Claims, and Crude/Natural Gas.
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