Last week, The economic news was less upbeat from Europe, where German unemployment leaped by 133,000 as Ukrainian refugees looking for work were added to the jobless rolls for the first time.
German retail sales fell 3.6% on the year in May, while French inflation rose to 5.8% on the year.
In the US, the third look at Q1 GDP appears to confirm the worsening picture of the US economy that is now evident in sentiment surveys nationwide.
US Growth was revised even lower to -1.6% Annualized QoQ from -1.5% The US ISM's purchasing managers index fell to 53.0, its lowest in two years, and a sharper drop than analysts had expected. It nonetheless remained clearly above the 50 level that typically separates growth from contraction. It's been in expansion territory for over two years now.
In the upcoming week, the US Jobs Report will be announced on Friday. US Nonfarm Payrolls are expected to rise to 270,000 in June, slowing from 390,000 in the previous month but still remaining strong.
The unemployment rate is expected to remain steady at 3.6%. Average hourly earnings are expected to have increased by 5% on a year-over-year basis.
The minutes of the FOMC meeting due Thursday is expected to provide investors with an insight into the Fed’s thinking on monetary policy
In the last meeting, the Federal Open Market Committee raised its benchmark rate to a range of 1.5% to 1.75% from 0.75% to 1% previously. That was more hawkish than economists' expectations for a 0.5% rate hike.
Moreover, the economic calendar features data on private-sector hiring, JOLTS job openings, initial jobless claims, and ISM data on service sector activity.
04 Jul 22 (Mon)