Looking Ahead: Week of July 2 through 6

The bottom line The latest indicators were mixed with the biggest positives coming from housing. The consumer sector was very sluggish—mostly tied to modest employment growth and special factors on spending. And consumer sentiment slipped. Manufacturing is mixed to net positive but is not seeing the strength it did many months ago. Overall, the recovery is improving but at a low trajectory and slower than hoped. Should this past week’s progress in Europe turn out to be real, that likely will boost global confidence and growth. But as a caveat, we’ve been there before. Looking Ahead: Week of July 2 through 6 Other than Independence Day at mid-week, the highlight is Friday’s employment report which needs to show improvement after the near flat increase in payrolls last month. Consumer spending slowed in May, giving motor vehicle sales (Tuesday) increased importance. After recently mixed regional Fed surveys, traders will look for a stronger ISM manufacturing number (Monday).