The Week Ahead – 1 July 2007

The most important events on the Economic Calendar include:

• ISM Manufacturing Index (Monday). Consensus expects the ISM to come in at 55, unchanged from last month. On Friday NAPM, which generally runs in line with ISM, came in ahead of consensus (but approximately flat compared to last month) at 60.2.
• Employment Situation (Friday). Consensus expects 125,000 job additions, down from 157,000 last month. I’m not expecting the longer-term trend to change much.

EconomicData

Bad and Deteriorating	Bad but Improving	Good but Deteriorating	Good and Improving
Existing Homes (June)	Chicago Fed NAI (May)	Consumer Confidence (June)	Real Disposable Income
Employment (June)	Durable Goods (June)	Personal Spending (June)	ISM Manufacturing (July)
New Home Sales (June)	Construction Spending	Retail sales (August 2007)	ISM Services (June)
ATA Truck Tonnage (June)	CPI (July 07)	Leading Indicators (June)
GDP (Q2 Advance)	Trade deficit (July 07)
PPI (July 07)	Durable Goods (July)
Industrial Production (July 07)
Housing Starts (July 07)

The Earnings Calendar is pretty much empty.

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