Vital Signs: Economy, Sink or Stay Afloat?

On deck: The employment report, ISM indexes for manufacturing and nonmanufacturing, construction spending, and car sales

The main focus of this holiday-shortened week will be the first major economic reports for June: the readings on manufacturing and nonmanufacturing activity from the Institute for Supply Management and the employment report from the Labor Dept. Both will offer evidence on whether the economy is still afloat or starting to sink, and whether growth is firm enough to allow the Federal Reserve to begin lifting rates later this year. The betting in the markets is for more signs that the economy remains weak, but is not falling off a cliff.

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