by Calculated Risk on 6/01/2019 08:11:00 AM

The key report scheduled for this week is the May employment report.

Other key reports include the ISM Manufacturing and non-manufacturing surveys, Vehicle Sales and the Trade Deficit for April.

Fed Chair Jerome Powell speaks on Tuesday, and the Fed's Q1 Flow of Funds report will be released on Thursday.

----- Monday, June 3rd -----
10:00 AM: ISM Manufacturing Index for May. The consensus is for the ISM to be at 52.9, up from 52.8 in April.

Here is a long term graph of the ISM manufacturing index.

The employment index was at 52.4% in April, and the new orders index was at 51.7%.

10:00 AM: Construction Spending for April. The consensus is for a 0.5% increase in construction spending.

----- Tuesday, June 4th -----
All day: Light vehicle sales for May. The consensus is for light vehicle sales to be 16.9 million SAAR in April, up from 16.4 million in April (Seasonally Adjusted Annual Rate).

This graph shows light vehicle sales since the BEA started keeping data in 1967. The dashed line is the sales rate for last month.

9:55 AM: Speech by Fed Chair Jerome Powell, Monetary Policy Strategy, Tools, and Communication Practices, At the Conference on Monetary Policy Strategy, Tools, and Communication Practices (A Fed Listens Event), Federal Reserve Bank of Chicago, Chicago, Illinois

10:00 AM: Corelogic House Price index for April.

----- Wednesday, June 5th -----
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

8:15 AM: The ADP Employment Report for May. This report is for private payrolls only (no government). The consensus is for 175,000 payroll jobs added in May, down from 175,000 added in April.

10:00 AM: the ISM non-Manufacturing Index for May.   The consensus is for a reading of 55.7, up from 55.5.

2:00 PM: the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.

----- Thursday, June 6th -----
8:30 AM: The initial weekly unemployment claims report will be released.  The consensus is for 215 thousand initial claims, unchanged from 215 thousand last week.

8:30 AM: Trade Balance report for April from the Census Bureau.

This graph shows the U.S. trade deficit, with and without petroleum, through the most recent report. The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

The consensus is the trade deficit to be $50.7 billion.  The U.S. trade deficit was at $50.0 Billion the previous month.

12:00 PM: Q1 Flow of Funds Accounts of the United States from the Federal Reserve.

----- Friday, June 7th -----
8:30 AM: Employment Report for May.   The consensus is for 180,000 jobs added, and for the unemployment rate to increase to 3.7%.

There were 263,000 jobs added in March, and the unemployment rate was at 3.6%.

This graph shows the year-over-year change in total non-farm employment since 1968.

In April, the year-over-year change was 2.620 million jobs.