por admin » Lun May 28, 2012 8:58 pm
By Nathalie Tadena
Markets next week will digest data on nonfarm payrolls and unemployment, one of the most closely watched economic indicators, along with monthly sales figures from retailers and auto makers.
In a light week for earnings, mining-equipment maker Joy Global and data-analysis provider Splunk are among the companies due to report their latest quarterly results.
Stock Exchanges Closed
Major U.S stock exchanges will be closed Monday to observe the Memorial Day holiday.
May Jobs Report Due Friday
A handful of economic reports are due next week, including the closely watched unemployment-rate numbers and nonfarm payrolls data from the U.S. Department of Labor on Friday.
U.S. job growth slowed again in April as the unemployment rate ticked down one-tenth of a percentage point to 8.1%. Nonfarm payrolls grew by 115,000 in April. The unemployment rate has dropped sharply since August, when it was 9.1%, though some of the drop has been due to people leaving the work force. Federal Reserve officials have said that they expect only gradual progress during the rest of this year.
Automakers Expected To Report Higher May U.S. Sales
Major auto makers are due to report U.S. sales for May on Friday.
New U.S. auto sales are expected to have climbed 31% in May from a year earlier, with Japanese auto makers Toyota Motor Corp. (TM, 7203.TO) and Honda Motor Co. (HMC, 7267.TO) poised for the biggest growth, reflecting progress in recovering from Japan’s earthquake last year, according to Edmunds.com.
The online automotive-information provider estimates the month of May will record sales of close to 1.4 million new cars, up nearly 18% from April. The site also projected a seasonally adjusted annual rate of 14.4 million light vehicles for the month.
U.S. auto sales continued their upward climb in recent months, providing a bright spot in the American economy despite high gasoline prices and ongoing woes in housing and employment.
Retailers To Report May Same-Store Sales
U.S. retailers will report same-store sales results for May on Thursday. Large U.S. retailers delivered disappointing sales for April. Macy’s Inc. (M), Target Corp. (TGT) and Saks Inc. (SKS) all fell short of expectations last month–even though expectations were low to compensate for an early Easter that drew spending in March. April also was colder, and gasoline prices moved higher, two factors that kept shoppers home and hurt consumer sentiment.
Monday:
Markets closed.
Tuesday:
S&P Case-Shiller home-prices report (9 a.m.): March home prices in the 20-city index seen sliding 2.5%, after falling 3.5% in February.
Consumer Confidence (10 a.m.): seen rising in May to 70.3 from 69.2.
Dallas Fed Manufacturing Survey (10:30)
Earnings: DryShips, Neiman Marcus
Wednesday:
Pending Home Sales (10 a.m.): seen flat in April, after rising 4.1% in March.
Earnings: Lions Gate, TiVo
Thursday:
ADP Jobs (8:15 a.m.): delayed a day due to the holiday; May jobs seen up 150,000, after April’s 119,000 gain.
Weekly jobless Claims (8:30): seen flat at 370,000, again.
GDP, second read (8:30): first-quarter GDP expected to be revised down to 1.9% from 2.2%.
Chicago PMI (9:45): seen easing for Mary to 56.0 from 56.2.
Earnings: J Crew, Ciena, Omnivision, Splunk
Friday:
Nonfarm Payrolls (8:30): May saw the economy add 150,000, up from 115,000 in April. Unemployment rate’s seen remaining flat at 8.1%.
Consumer Spending (8:30): spending rose 0.3% in April, flat with March’s rate.
ISM Manufacturing PMI (10:00): May’s index seen easing to 53.5 from 54.8.
Construction Spending (10:00): April’s rate seen up 0.4%, from 0.1% in March.