Economic Data of the Week 🗓️
"Week of May 4th to May 8th"
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We’ll see another jam-packed slate of economic data in the week ahead, headlined by a critical round of employment reports.
The main event comes FRIDAY with the BLS Nonfarm Payrolls report for April, which is expected to show job growth of +73,000 for the month. That would follow a surprisingly strong March report, which came after three declines in the prior five months.
The Unemployment Rate is expected to hold steady at 4.3%, while Average Hourly Earnings — the first major inflation-related print for April — is expected to show annual wage growth of 3.5%, the softest pace since June 2021.
Earlier in the week, investors will get several secondary labor-market indicators:
👉🏾 TUESDAY: JOLTS Job Openings
👉🏾 WEDNESDAY: ADP Payrolls
👉🏾 THURSDAY: Challenger Job Cuts and Jobless Claims
👉🏾 FRIDAY: BLS Nonfarm Payrolls
Housing will also be in focus, with New Home Sales data for February and March expected to show a rebound after January’s decline to the lowest level in four years.
Affordability remains a key pressure point as mortgage rates stay elevated.
We’ll also get a full slate of regional and national PMI reports, including ISM and S&P Services PMI on TUESDAY.
Finally, FRIDAY brings the first look at Michigan Consumer Sentiment for May, a closely watched gauge of household confidence and inflation expectations.
This is especially important as investors continue monitoring the impact of higher energy prices.
How do you think this week’s reports will affect the market? Let me know in the comments.
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