US non-farm payrolls have beaten consensus 13 times in a row and the market will look to stretch this unprecedented streak a week from today.
Overall, the week promises a number of key economic data releases that could move the market, but the week is off to a slow start on Monday due to the Memorial Day holiday.
Tuesday, May 30 will see the release of the House Price Index for March and the S&P CoreLogic measure, as well as the Consumer Confidence from the Confidence Council for May. Thomas Barkin, a non-voter from Richmond, will speak at 1:00 p.m. ET.
Wednesday, May 31 will begin with MBA application data for May 26, followed by JOLTS job postings for April. The long-awaited Beige Book of the Fed will be published at 2:00 p.m. Several speakers from the Federal Reserve are scheduled throughout the day, including Susan Collins, Michelle Bowman, Patrick Harker and Philip Jefferson. It will be the last trading day of the month, so flows could be significant.
Thursday, June 1 will be packed with data, starting with ADP employment change for May, initial claims, continuing claims and non-farm productivity for the first quarter. The S&P Global US Manufacturing PMI for May, ISM Manufacturing data and construction spending for April will follow. Patrick Harker is scheduled to speak at 1:00 p.m.
Friday, June 2, will provide key employment data in the BLS’s Employment Situation report that includes nonfarm payrolls, the unemployment rate and average hourly earnings. The current consensus on non-farm payrolls is +180K.