The Week Ahead
PERSONAL INCOME Monday, July 1, 8:30 a.m.EDT -- Personal income likely grew 0.5% in May, the same gain as in April, says the median forecast of economists surveyed by MMS International, one of The McGraw-Hill Companies. Consumer spending likely rose 0.6% in May, after a 0.1% increase in April. CONSTRUCTION SPENDING Monday, July 1, 10 a.m.EDT -- Building outlays were probably flat in May, after advancing 1.4% in April. NAPM SURVEY Monday, July 1, 10 a.m.EDT -- The National Association of Purchasing Management's business index likely edged up to 51% in June, from May's 49.3%. LEADING INDICATORS Tuesday, July 2, 8:30 a.m.EDT -- The Conference Board's index of leading indicators probably rose 0.2% in May. NEW HOME SALES Tuesday, July 2, 10 a.m.EDT -- New homes likely sold at a 740,000 annual rate in May, after jumping 6.7% in April, to 776,000. FOMC MEETING Tuesday, July 2 -- Policymakers at the Federal Reserve Board will meet to set monetary policy for the next six weeks. Economists expect no change in short-term interest rates. The meeting ends July 3. FACTORY INVENTORIES Wednesday, July 3, 10 a.m.EDT -- Manufacturing inventories probably grew by 0.3% in May, after no change in April. That's suggested by the solid gain in factory production in May. EMPLOYMENT Friday, July 5, 8:30 a.m.EDT -- The MMS median forecast calls for a healthy addition of 150,000 jobs to June nonfarm payrolls, on top of the 348,000 jobs created in May. The June unemployment rate is expected to remain at May's low 5.6%.
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