What's coming up next week
This week was all about earnings but next week is about economic data. Powell highlighted that there are three parts to the coronavirus crisis so far, in terms of the economy.
- Shut down
- Reopening
- After the reopening
The data in the shutdown was some of the worst ever while the reopening unleashed pent up demand. Now, it's less certain what's coming. As Powell highlighted, high-frequency data is leveling off. Here's what to watch in a jam-packed week on the economic calendar.
Monday:
ISM manufacturing
Construction spending
Vehicle sales
Tuesday:
Factory orders
Wednesday:
ADP employment
Trade balance
ISM non-manufacturing
Thursday:
Initial jobless claims
Friday:
Non-farm payrolls
As for the jobs report, the consensus is currently +1.675m jobs but there is some serious skepticism because a number of real-time metrics have stalled. Here's a good preview.
