Top 5 Economics Graphs of the Week - 30 October 2010

This week we review the Q3 GDP results from the UK and US, then look at the recent data on the US housing market and consumer confidence. Then we examine some of the monetary policy decisions announced over the week, before wrapping up with a look at the inflation and employment situation in Japan.

1. US GDP
First up is US GDP which grew 0.4% q/q (or 2.0% "annualised" vs consensus 2.0%). On a year on year basis the US economy grew 3.1% vs 3.0% in Q2. Much of the gains were in inventory investment, consumer spending, equipment investment and government spending. So overall, the result was much as expected - relatively ho-hum, showing the US economy recovering - but at a subdued and muddled pace. So of course it's not plain sailing yet, a lot of the damage done during the financial crisis needs to be repaired, and a lot of the excesses need to be unwound before a true sustainable economic recovery can take place in the US.

2. UK GDP
over in the UK the growth rate was relatively strong at 0.8% q/q, which is a little lower than the 1.2% in Q2, but still respectable and enough to disappoint those that were hoping for another round of quantitative easing from the Bank of England. On an annual basis the British economy grew 2.8%, up from 1.7% in Q2. But as with the US, the all clear can't be signaled yet, and it is too soon to rule out further monetary policy stimulus - especially as the UK government seeks to reign in its budget deficit (maybe a bit of contracting on the fiscal and expanding on the monetary). So all the more reason to watch what happens next week!

3. US Consumer Confidence and Housing
Also out in the past week was the much watched Case Shiller House price report for August, which came in weaker on a monthly basis and slowed its increase on a yearly basis. So a disappointing result, but not a surprising result - there's no fundamental basis to expect a strong upsurge in the US housing market (and relatively small basis for sideways movement in prices). So of course it's also unsurprising to see still subdued results in the consumer confidence numbers, albeit with a small increase to 50.2 from 48.5 in September. At the margin the result was positive in that much of the increase was driven by an increase in the future expectations index, which is sensible.

4. Monetary Policy
In monetary policy there were no major events this week, the main items of interest were Denmark, and Sweden both increasing interest rates slightly - but signaling a slow move. The other interesting part was Japan, which expanded the scope of its asset purchase program and brought forward the next meeting date (to just after the Fed's meeting next week). On that note, the next week will be a very interesting week monetary policy-wise as the US FOMC, Bank of Japan, Bank of England, RBA, and ECB are all set to announce policy decisions. The main point of attention will be what the US Fed does in terms of QEII - will it go for a shock and awe campaign, or will it go for an incrementalist approach? Either way it almost seems a certainty now that the second quantitative easing campaign is about to commence.

5. Japan Inflation and Unemployment
In Japan, deflation remained persistent with the CPI falling -1.1% vs -1.0% in August, but the jobless rate slipped slightly to 5.0% vs 5.1% in August on the back of increasing payrolls. As pointed out, the Bank of Japan expanded the scope of its asset purchase program to include lower graded corporate bonds in effort to try and stimulate the economy and try and inject a semblance of inflation. Most remarkably though was the move to hold another meeting next week just after the Fed, which signals that the BOJ is ready to act if the US makes moves to devalue the US dollar. This would not be surprising as the Japanese economy is traditionally an export led economy, and with recent trade results faltering somewhat it may make for an interesting week indeed.

Summary

So we saw the US with relatively subdued growth in Q3, but growth nonetheless. But without showing major signs of strength has all but pave the way for a second campaign of quantitative easing by the US. Meanwhile the UK grew a little faster, and perhaps even blew the case for an extension of the asset purchase program by the Bank of England. We also saw a weakening US housing market and a US consumer stuck in limbo. On the monetary policy front most held, a couple increased, but the real monetary policy action will come next week. In Japan deflation remained, jobless declined slightly, and the BoJ lined itself up to counter any possible dollar devaluing determinations from the Fed next week.

Sources:
1. Bureau of Economic Analysis www.bea.gov
2. UK National Statistics www.statistics.gov.uk
3. Conference Board www.conference-board.org & Standard & Poors www.standardandpoors.com
4. CentralBankNews.info www.centralbanknews.info
5. Trading Economics www.tradingeconomics.com

Article Source: http://www.econgrapher.com/top5graphs-30oct.html

Econ Grapher - Economic Calendar - 9 August 2010

Here's the Economic Calendar for the week commencing the 9th of August 2010. This week China takes the spotlight with its monthly data dump; there's new loans, money supply, trade balance, CPI, fixed asset investment, industrial production, PPI, and retail sales. Then on the monetary policy front there's Japan, and the US who both meet to review policy this week. The EU is set to announce its second quarter GDP results this week, and from the US will be CPI, UoM & ABC confidence numbers, and the trade balance. Elsewhere there's employment numbers from Australia, consumer confidence from Japan, and house prices in New Zealand.

(More commentary follows the table)

Day	Time (GMT)	Code	Event/Release	Forecast	Previous
MON		CNY	New Loans	600B	603B
MON		CNY	M2 Money Supply y/y	18.6%	18.5%
MON	04:00	JPY	Bank of Japan Monetary Policy Meeting (AUG 9)
MON	06:00	EUR	German Trade Balance (euros) (JUN)	12.0B	9.7B
MON	22:45	NZD	NZ Card Spending (MoM) (JUL)		0.4
MON	23:50	JPY	Housing Loans (YoY) (2Q)		1.0%
TUE		CNY	Trade Balance	19.6B	20.0B
TUE	04:00	JPY	Bank of Japan Rate Decision (AUG 10)	0.10%	0.10%
TUE	06:45	EUR	French Industrial Production (YoY) (JUN)	7.3%	8.2%
TUE	11:30	USD	NFIB Small Business Optimism (JUL)		89
TUE	18:15	USD	Federal Open Market Committee Rate Decision	0.25%	0.25%
TUE	21:00	USD	ABC Consumer Confidence (AUG)
TUE	22:00	CNY	CPI y/y	3.3%	2.9%
TUE	22:00	CNY	Fixed Asset Investment ytd/y	25.4%	25.5%
TUE	22:00	CNY	Industrial Production y/y	13.5%	13.7%
TUE	22:00	CNY	PPI y/y	6.1%	6.4%
TUE	22:00	CNY	Retail Sales y/y	18.6%	18.3%
TUE	00:30	AUD	Westpac Consumer Confidence Index (AUG)		113.1
TUE	00:30	AUD	Westpac Consumer Confidence (AUG)		11.1%
WED	09:30	GBP	Bank of England Quarterly Inflation Report
WED	12:30	USD	Trade Balance (JUN)	-$42.2B	-$42.3B
WED	18:00	USD	Monthly Budget Statement (JUL)	-$165.0B	-$180.7B
WED	22:30	NZD	Business NZ Performance of Manufacturing Index		56.2
WED	01:30	AUD	Employment Change (JUL)	20.0K	45.9K
WED	01:30	AUD	Unemployment Rate (JUL)		5.1%
THU	04:30	JPY	Industrial Production (MoM) (JUN F)		-1.5%
THU	05:00	JPY	Consumer Confidence (JUL)	43.9	43.6
THU	05:00	JPY	Consumer Confidence Households (JUL)	43.9	43.5
THU	08:00	EUR	ECB Publishes Monthly Report (AUG)
THU	09:00	EUR	Italian Trade Balance (Total) (euros) (JUN)		-1957
THU	09:00	EUR	Euro-Zone Industrial Production w.d.a. (YoY)	9.3%	9.4%
THU	22:00	NZD	REINZ Housing Price Index MoM% (JUL)		0.6%
THU	22:00	NZD	REINZ Housing Price Index (JUL)		3230.6
THU	22:45	NZD	Retail Sales (MoM) (JUN)	0.5%	0.4%
FRI	09:00	EUR	Euro-Zone Trade Balance (euros) (JUN)		-3.4B
FRI	09:00	EUR	Euro-Zone Gross Domestic Product s.a. (QoQ)		0.2%
FRI	09:00	EUR	Euro-Zone Gross Domestic Product s.a. (YoY)		0.6%
FRI	12:30	USD	Consumer Price Index Ex Food & Energy (YoY)		0.9%
FRI	12:30	USD	Consumer Price Index (YoY) (JUL)		1.1%
FRI	12:30	USD	Advance Retail Sales (JUL)		-0.5%
FRI	12:30	USD	Retail Sales Less Autos (JUL)		-0.1%
FRI	12:30	USD	Retail Sales Ex Auto & Gas (JUL)		0.1%
FRI	13:55	USD	U. of Michigan Confidence (AUG P)		67.8

Starting with the economy of the week, China will be reporting it's major data points this week for July. The first batch will likely be the data from the PBOC which includes lending data (which by the way will likely be fairly static around 600B as the regulators crack down on excessive lending), and money supply data, then there's the trade data from the customs department, which is likely to be unchanged, but as always - I'm keeping a close eye on the export/import levels as a kind of proxy for international trade volumes and as a bit of a gauge for global activity - i.e. if there's another major slump it will show up in Chinese exports. Then there's the data from the National Bureau of Statistics; inflation is likely to pick up a bit, and industrial production will likely follow the course suggested by the PMI readings i.e. down; the rest will likely be fairly standard.

Now, onto the monetary policy reviews; Japan is likely to be fairly ho-hum, to be sure - likely not to see any changes in the i-rate for quite a while; the only thing to watch for would be any additional stimulus measures e.g. the lending program they previously announced. The US is likely to be a similar story, but the rumors are increasing... or more likely the speculation is increasing that the Fed may implement additional stimulus measures to cement the recovery and counter any possibility of a double-dip recession (which remains a real risk).

Keeping with the US, there's also the other consumer confidence indicators from there; the ABC index, and the University of Michigan consumer sentiment index, the trade balance (which is expected to stay around negative 42B), the consumer price index (which is likely to show inflation around 1%), the monthly budget statement, and of course retail sales on Friday. The data points will add to the picture for the US economy, which is looking increasingly mixed - albeit weighted to the downside.

Elsewhere in the world there's the second quarter GDP figures from the EU, which will attract considerable interest given the recent financial system and sovereign debt concerns raised around there. Aside from the US, the other economies reporting confidence are Japan; which is expected to rise slightly, and Australia, which will likely be about sideways as the election draws near. The Aussies have also got their employment numbers out this week, which are likely to show continued jobs growth; likely better than New Zealand's results - who is set to release July house price data on Thursday.

So as always, have a great week, watch out for surprises, and stay tuned for updates...

Sources
DailyFX www.dailyfx.com/calendar
Forex Pros www.forexpros.com/economic-calendar/
Forex Factory www.forexfactory.com/calendar.php
Bloomberg www.bloomberg.com
+various statistics websites and central bank websites for verification

Article Source: http://www.econgrapher.com/9aug-calendar.html

Economic Calendar - 12 July 2010

Here's the Economic Calendar for the week commencing the 12th of July 2010. This week there's inflation figures due out from China, US, UK, EU, and New Zealand. China is also set to release its Q2 GDP figures this week, as well as fixed asset investment, retail sales, PPI, and industrial production. The EU, Japan, and US are also set to release their latest industrial production figures this week. There's also more confidence numbers from the US, Australia, Japan, and the Euro Zone.

(More commentary follows the table)

Day

Time (GMT)

Code

Event/Release

Forecast

Previous

MON	1:30	AUD	Home Loans (MAY)	0.0%	-1.8%
MON	1:30	AUD	Investment Lending (MAY)		1.3%
MON	8:30	GBP	Gross Domestic Product (QoQ) (1Q F)	0.3%	0.4%
MON	8:30	GBP	Gross Domestic Product (YoY) (1Q F)	-0.2%	-3.1%
MON	14:30	CAD	Business Outlook Future Sales (2Q)		44
TUE	1:30	AUD	NAB Business Confidence (JUN)		5
TUE	4:30	JPY	Industrial Production (YoY) (MAY F)		20.2%
TUE	5:00	JPY	Consumer Confidence (JUN)		42.7
TUE	7:15	CHF	Producer & Import Prices (YoY) (JUN)		1.4%
TUE	8:30	GBP	Consumer Price Index (YoY) (JUN)	3.1%	3.4%
TUE	8:30	GBP	Core Consumer Price Index (YoY) (JUN)	2.8%	2.9%
TUE	9:00	EUR	German ZEW Survey (Economic Sentiment) (JUL)	25.3	28.7
TUE	9:00	EUR	Euro-Zone ZEW Survey (Economic Sentiment) (JUL)	16.3	18.8
TUE	12:30	CAD	International Merchandise Trade (Canadian dollar) (MAY)		0.2B
TUE	12:30	USD	Trade Balance (MAY)	-$39.0B	-$40.3B
TUE	22:00	NZD	REINZ House Sales (YoY) (JUN)		-17.2%
TUE	22:00	NZD	REINZ Housing Price Index (MoM) (JUN)		-1.4%
TUE	22:45	NZD	Retail Sales Ex-Auto (MoM) (MAY)	0.6%	-0.2%
TUE	23:01	GBP	Nationwide Consumer Confidence (JUN)	62	65
WED	0:30	AUD	Westpac Consumer Confidence Index (JUL)		101.9
WED	8:30	GBP	Jobless Claims Change (JUN)	-20.0K	-30.9K
WED	9:00	EUR	Euro-Zone Consumer Price Index (YoY) (JUN F)	1.4%	1.4%
WED	9:00	EUR	Euro-Zone Consumer Price Index - Core (YoY) (JUN)	0.9%	0.8%
WED	9:00	EUR	Euro-Zone Industrial Production s.a. (MoM) (MAY)	1.2%	0.8%
WED	12:30	USD	Advance Retail Sales (JUN)	-0.2%	-1.2%
WED	12:30	USD	Retail Sales Less Autos (JUN)	-0.1%	-1.1%
WED	18:00	USD	Federal Open Market Committee Meeting Minutes
WED	22:00	CNY	Consumer Price Index	3.3%	3.1%
WED	22:00	CNY	Gross Domestic Product	10.5%	11.9%
WED	22:00	CNY	Industrial Production	15.2%	16.5%
WED	22:00	CNY	Retail Sales y/y	18.8%	18.7%
WED	22:30	NZD	Business NZ Performance of Manufacturing Index (JUN)		54.5
THU		JPY	Bank of Japan Interest Rate Decision	0.10%	0.10%
THU	8:00	EUR	European Central Bank Monthly Report
THU	12:30	USD	Producer Price Index (YoY) (JUN)	3.1%	5.3%
THU	12:30	USD	Producer Price Index Ex Food & Energy (YoY) (JUN)	1.1%	1.3%
THU	13:15	USD	Industrial Production (JUN)	0.0%	1.2%
THU	14:00	USD	Senate Banking Committee Holds Hearing on Fed Nominations
THU	22:45	NZD	Consumer Prices Index (YoY) (2Q)		2.0%
FRI	9:00	EUR	Euro-Zone Trade Balance s.a. (euros) (MAY)	0.8B	1.4B
FRI	12:30	CAD	Leading Indicators (MoM) (JUN)		0.9%
FRI	12:30	USD	Consumer Price Index (YoY) (JUN)	1.2%	2.0%
FRI	12:30	USD	Consumer Price Index Ex Food & Energy (YoY) (JUN)	0.9%	0.9%
FRI	13:55	USD	U. of Michigan Confidence (JUL P)	74	76

A major feature this week will be the monthly China data release (trade figures are already out), but this time there will also be the quarterlies, including an update on the GDP situation in China. Growth is projected to slow slightly, and inflation is projected to accelerate, while industrial projection is likely to show a decrease, and consumer spending will probably be close to unchanged. Given the concerns about a potential slowdown in the Chinese economy, this will be a closely watched release.

On the inflation front, the UK will start off the June CPI reporting, with expectations for a slight decrease in the inflation rate; next is Europe, expected to show little change in the year on year change. As noted China is expected to show a slight increase, New Zealand will also likely see an increase, but the US on the other hand will likely see a further drop-off in the inflation rate - in line with indications from the PMI figures for June.

Another feature of the week will be the updates to industrial production; first up is the final reading for May from Japan, then there's the May reading for the Euro-Zone; expected to be up slightly on a year over year basis, and the US is expected to report a slight slowdown, as is China; which is consistent with the PMI readings from both countries.

In the monetary policy sphere there's the Bank of Japan interest rate decision, US FOMC minutes, and the Senate banking committee will be holding a hearing on Fed nominations.

Also as noted, there will be further confidence updates, with Japan reporting consumer confidence, Australia reporting business and consumer confidence, the EU reporting economic sentiment, and the US with the University of Michigan Confidence indicator.

So as always, have a great week, watch out for surprises, and stay tuned for updates...

Sources
DailyFX www.dailyfx.com/calendar
Forex Pros www.forexpros.com/economic-calendar/
Forex Factory www.forexfactory.com/calendar.php
Bloomberg www.bloomberg.com
+various statistics websites and central bank websites for verification

Article Source: http://www.econgrapher.com/12jul-calendar.html

US Housing and Confidence Review

Markets took a dive today as the US consumer confidence numbers disappointed; showing a reading of 52.9 vs consensus 63.3, and down sharply on the May reading of a downward revised 62.7, as consumers adjusted their views slightly on the back of a still tepid jobs market.


But it's not really time to hit the panic button yet, a lot of commentators are running around saying we are on the cusp of the next great depression, but at least in terms of the consumer confidence numbers there's not really anything to worry about. It just reflects the reality that things are hard, jobs are still growing relatively slowly, the housing market is going sideways (if not down), and the priority is squarely on recovering and de-leveraging; though things may be bad they are not dire, yet.

There is a tail risk that things could get a lot worse, there is a reasonable probability that things will slow further, and then there's a pretty good chance that things will carry on just fine and that the gradual economic recovery will continue even as stimulus measures run their course (though note, a lot of the stimulus plan is still unspent). Indeed on the stimulus front, the rhetoric from Washington seems to be more for additional stimulus than fiscal austerity/responsibility.

Speaking of tail risks, the US economic Achilles heel; the housing market, showed further signs of not really doing much at all in April. The 20-city composite index was up 0.4% month on month, and 4% year on year. This is still an area of vulnerability as the potential for further defaults rise given the tough conditions (as confirmed by the confidence numbers), and slow or no income growth puts a cap on demand.

There is a non-zero probability that the US government will provide additional stimulus targeted at the housing market to put a floor under prices; especially with congressional elections in November. If not the path of the housing market will likely be dependent on lending rates staying low, and jobs growth picking up appreciably - neither of which are exceedingly likely outcomes.


So what are the key points? I have presented both a positive and a negative spin on the data; there is the reassurance - or seeing the numbers as what they really mean. But there is also the recognition that things could get worse; but that they will likely carry on business as usual; and that the gradual - yet fragile economic recovery will continue. In other words, don't panic yet, this is what a recovery from such a deep and structurally meaningful recession should look like. At least save your panic for when or if the tail risks materialize!

Sources
Econ Grapher Analytics www.econgrapher.com
Conference Board www.conference-board.org
Standard & Poors www.standardandpoors.com

Article Source: http://www.econgrapher.com/30june-ushousecon.html

Economic Calendar - 28 June 2010

Here's the Economic Calendar for the week commencing the 28th of June 2010. The end of June confidence indicators and PMI's start to come out this week; on the confidence indicators side there's US consumer confidence, New Zealand business confidence, EU economic confidence, UK consumer confidence, and the Bloomberg financial conditions index. On the PMI side, there's the closely watched ISM manufacturing PMI in the US, and the CFLP and HSBC PMI's in China, there's also Japan's Tankan survey, and UK and EU PMIs. On the employment front there's the nonfarm payrolls update from the US (as well as an update on the housing market with the S&P Case Shiller index due out), and official unemployment rates from the EU and Japan.

(More commentary follows the table)

Day	Time (GMT)	Code	Event/Release	Forecast	Previous
MON		EUR	German Consumer Price Index (YoY) June	1.0%	1.2%
MON	3:00	NZD	NBNZ Business Confidence (JUN)		48.2
MON	12:30	USD	Personal Income (MAY)	0.5%	0.4%
MON	12:30	USD	Personal Spending (MAY)	0.1%	0.0%
MON	12:30	USD	Personal Consumption Expenditure Core y/y	1.2%	1.2%
MON	12:30	USD	Chicago Fed National Activity Index	0.32	0.29
MON	23:30	JPY	Jobless Rate (MAY)	5.0%	5.1%
MON	23:50	JPY	Industrial Production (MoM) (MAY P)	0.0%	1.3%
TUE	9:00	EUR	Euro-Zone Economic Confidence (JUN)	98.1	98.4
TUE	9:00	EUR	Euro-Zone Business Climate Indicator (JUN)	0.32	0.34
TUE	13:00	USD	S&P/Case-Shiller Composite-20 sa m/m	-0.35%	-0.05%
TUE	13:00	USD	S&P/Case-Shiller Composite-20 (YoY)	3.4%	2.3%
TUE	14:00	USD	Consumer Confidence (JUN)	62.5	63.3
TUE	23:01	GBP	GfK Consumer Confidence Survey (JUN)	-19	-18
WED	5:00	JPY	Housing Starts (YoY) (MAY)	5.0%	0.6%
WED	6:00	GBP	Nationwide House Prices n.s.a. (YoY) (JUN)	9.0%	9.8%
WED	7:55	EUR	German Unemployment Rate s.a. (JUN)	7.7%	7.7%
WED	8:30	GBP	Current Account (Pounds) (1Q)	-4.5B	-1.7B
WED	8:30	GBP	GDP y/y Q1 Final	-0.2%	-0.2%
WED	9:00	EUR	Euro-Zone CPI Estimate (YoY) (JUN)	1.5%	1.6%
WED	12:15	USD	ADP Employment Change (JUN)	60K	55K
WED	12:30	CAD	Gross Domestic Product (MoM) (APR)	0.1%	0.6%
WED	20:15	USD	Bloomberg Financial Conditions Index		-1.0
WED	21:00	CNY	CFLP Manufacturing PMI	53.2	53.9
WED	22:30	CNY	HSBC Manufacturing PMI		52.7
WED	23:50	JPY	Tankan Large Manufacturers Outlook (2Q)	1	-8
WED	23:50	JPY	Tankan Non-Manufacturing Outlook (2Q)	-3	-10
WED	23:50	JPY	Tankan Large All Industry Capex (2Q)	5.0%	-0.4%
THU	1:30	AUD	Retail Sales s.a. (MoM) (MAY)	0.3%	0.6%
THU	1:30	AUD	Building Approvals (MoM) (MAY)	0.0%	-14.8%
THU	3:00	NZD	ANZ Commodity Price (JUN)		2.5%
THU	6:00	EUR	German Retail Sales (MoM) (MAY)	0.4%	1.0%
THU	8:00	EUR	Euro-Zone PMI Manufacturing (JUN F)	55.6	55.6
THU	8:30	GBP	PMI Manufacturing (JUN)	57.6	58.0
THU	14:00	USD	ISM Manufacturing (JUN)	59.0	59.7
THU	14:00	USD	ISM Prices Paid (JUN)	72.0	77.5
THU	14:00	USD	Pending Home Sales (MoM) (MAY)	-15.2%	6.0%
THU	14:00	USD	Construction Spending (MoM) (MAY)	-0.6%	2.7%
THU	23:50	JPY	Monetary Base (YoY) (JUN)		3.7%
FRI	9:00	EUR	Euro-Zone Unemployment Rate (MAY)	10.1%	10.1%
FRI	12:30	USD	Change in Non-Farm Payrolls (JUN)	-110K	431K
FRI	12:30	USD	Unemployment Rate (JUN)	9.8%	9.7%
FRI	12:30	USD	Change in Private Payrolls (JUN)	113K	41K
FRI	12:30	USD	Average Hourly Earning (YoY) (JUN)	2.0%	1.9%
FRI	14:00	USD	Factory Orders (MAY)	-0.5%	1.2%

As noted we start July with some of the high frequency data, one of the key ones being the confidence indicators. First up is New Zealand business confidence, which will be interesting to see given the lukewarm GDP results reported for Q1 last week. Then there's EU economic confidence and the business climate indicator; both expected to cool slightly for June. Then on Tuesday, there's the US conference board Consumer Confidence index, which is expected to ease slightly. The UK GfK consumer confidence survey is also expected to drop slightly for June. So on the confidence front there's not much confidence in confidence it seems...

The other key high frequency economic indicator is the PMI or Purchasing Manager's Index. The influential ISM manufacturing PMI in the US will provide some useful clues as to the direction and current state of the US economic recovery; expectations are for a slight weakening; but as always the components will be the interesting bit. Of course the other key release will be from China, with both the CFLP and HSBC indexes released around Wednesday; these will provide a timely update on the direction of China's industrial economic growth engine - which has showed some signs of easing off. And the other one of the top 3 economies is Japan's Tankan survey of business conditions, with expectations for improvements, as the Japanese economy benefits from a gradual rebound in international trade.

On the employment front, US nonfarm payrolls are due out on Friday, with the consensus being at the moment for another 113k jobs added in June (with 41k added in May). The employment situation in the US is getting increasing attention as economists, strategists, investors, and consumers alike attempt to assess how the US economic recovery will unfold; the employment situation, and closely related; the housing situation (note the S&P Case Shiller house price index is also out this week), are critical to not only the probability of a recovery in consumer spending, but also the pace and effectiveness of consumer deleveraging and wealth rebuilding.

So as always, have a great week, watch out for surprises, stay tuned for updates...

Sources
DailyFX www.dailyfx.com/calendar
Forex Pros www.forexpros.com/economic-calendar/
Forex Factory www.forexfactory.com/calendar.php
Bloomberg www.bloomberg.com
+various statistics websites and central bank websites for verification

Article Source: http://www.econgrapher.com/28june-calendar.html