by Calculated Risk on 5/03/2014 01:02:00 PM

This will be a light week for economic data.

The key reports are the Trade Balance report for March, and the ISM non-manufacturing (service) survey for April.

Also Fed Chair Janet Yellen will testify to Congress on the economic outlook.

----- Monday, May 5th -----
Early: the Black Knight Mortgage Monitor for March.

10:00 AM: ISM non-Manufacturing Index for April. The consensus is for a reading of 54.0, up from 53.1 in March. Note: Above 50 indicates expansion, below 50 contraction.

----- Tuesday, May 6th -----
8:30 AM: Trade Balance report for March from the Census Bureau.

Imports increased and exports decreased in February.

The consensus is for the U.S. trade deficit to be at $40.2 billion in March from $42.3 billion in February.

----- Wednesday, May 7th -----
7:00 AM: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

10:00 AM: Testimony by Fed Chair Janet Yellen, The Economic Outlook, Before the Joint Economic Committee, U.S. Congress

3:00 PM: Consumer Credit for March from the Federal Reserve.  The consensus is for credit to increase $15.1 billion.

----- Thursday, May 8th -----
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for claims to decrease to 330 thousand from 344 thousand.

Early: Trulia Price Rent Monitors for April. This is the index from Trulia that uses asking house prices adjusted both for the mix of homes listed for sale and for seasonal factors.

9:30 AM: Testimony by Fed Chair Janet Yellen, The Economic Outlook, Before the Committee on the Budget, U.S. Senate

----- Friday, May 9th -----
10:00 AM: Job Openings and Labor Turnover Survey for March from the BLS.

This graph shows job openings (yellow line), hires (purple), Layoff, Discharges and other (red column), and Quits (light blue column) from the JOLTS.

In February, the number of job openings (yellow) were up 4% year-over-year compared to February 2013, and Quits were up about 5% year-over-year.

10:00 AM: Monthly Wholesale Trade: Sales and Inventories for March. The consensus is for a 0.5% increase in inventories.