Next week is a short one in the US, but it will be a busy one


US non-farm payrolls have beaten the consensus 13 times in a row and the market will try to stretch that unprecendented streak a week from today.

Overall, the week promises a number of key economic data releases that could move the market but the week starts quietly on Monday due to Memorial Day holiday.

Tuesday, May 30, will see the release of the House Price Index for March, and the S&P CoreLogic measure, along with the Confidence Board Consumer Confidence for May. Thomas Barkin, a non-voter from Richmond, will speak at 1:00 PM ET.

Wednesday, May 31, will begin with MBA Applications data for May 26, followed by JOLTS Job Openings for April. The much-anticipated Fed’s Beige Book will be published at 2:00 PM. Several Federal Reserve speakers are scheduled throughout the day, including Susan Collins, Michelle Bowman, Patrick Harker, and Philip Jefferson. That will be the final trading day of the month so flows could be important.

Thursday, June 1, will be data-heavy, starting with ADP Employment Change for May, Initial Claims, Continuing Claims, and Non-Farm Productivity for Q1. The S&P Global US Manufacturing PMI for May, ISM Manufacturing data, and Construction Spending for April will follow. Patrick Harker is set to speak at 1:00 PM.

Friday, June 2, will provide key employment data in the BLS employment situation report that includes non-farm payrolls, the unemployment rate and average hourly earnings. The current consensus on non-farm payrolls is +180K.

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