Stock index futures have been mixed this morning after members of the Group of 20 nations pledged to cut budget deficits. The week ahead is full of domestic economic data, culminating with the monthly jobs report due out Friday.
The consumer sector got another boost with a jump in spending power in May. Personal income rose solidly in May, while consumer spending rose slightly. Year-over-year, personal income is up 1.6% and consumers spending is up 4.6%. Overall, the consumer sector is slowly gaining strength in terms of spending power, despite the erratic monthly purchase numbers that garner most of the media’s attention.
The S&P Case/Shiller home price index and the Conference Board’s consumer confidence index are scheduled for tomorrow. On Wednesday, we will see the Chicago PMI survey and ADP’s employment report. Thursday will be busy with data on motor vehicle sales, jobless claims, construction spending, pending home sales, and the ISM manufacturing index. We end the week with the closely watched employment situation report.
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