The big economic news was the NFP out of the US. Non-farm payrolls rose by 80,000, badly missing expectations for a gain of 90,000 jobs. The unemployment rate remained unchanged from May at 8.2. With yet another month of weak employment growth, Q2 marks the weakest 3 month period in two years. This is fueling sentiment that the Federal Reserve will step in with additional monetary easing. Other economic reports have been dismal with the ISM manufacturing index earlier this week indicating a contraction for the first time in nearly three years.
THE WEEK AHEAD
MONDAY: Fed Pres Rosengren, Evans, Williams speak, consumer credit
TUESDAY: NFIB small biz optimism index, 3-yr note auction
WEDNESDAY: Weekly mortgage apps, international trade, wholesale trade, oil inventories, 10-yr note auction, FOMC minutes
THURSDAY: Jobless claims, import & export prices, Fed Pres Williams speaks, 30-yr bond auction, Treasury budget
FRIDAY: PPI, consumer sentiment, Fed pres Lockhart speaks