Inflation will be the big topic of the week as several government reports that are due to be released will address some key aspects of the topic. On Wednesday, for instance, the minutes of the Federal Reserve Board's May meeting will be released, which should shed some additional light on the central bank's true feelings about inflation. And on Friday, the Labor Department will release its May jobs report, which could have major implications on inflation fears, especially if the job market starts to catch fire.
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Monday, May 29:
MEMORIAL DAY: The stock market takes a holiday to commemorate Memorial Day.
Tuesday, May 30:
CONSUMER CONFIDENCE: The Conference Board will release the latest results of its closely followed consumer sentiment index. Though gasoline prices have stabilized somewhat, volatility has returned to the stock market. So it's anyone's guess whether households are feeling better or worse about the economy.
EARNINGS TO WATCH: Albertsons and Vodafone
Wednesday, May 31:
FED MINUTES: The Federal Reserve Board is scheduled to release the minutes of its May monetary-policy meeting. Wall Street will be scouring the transcript for any clues as to which direction the Fed is leaning–toward raising interest rates one more time or standing pat.
EARNINGS TO WATCH: Costco and Tiffany & Co.
Thursday, June 1:
PRODUCTIVITY: A big reason inflation is not a bigger threat to the economy, despite rising energy costs, is the increasing productivity of American workers. This morning, the Labor Department will update its earlier estimate for first-quarter productivity growth.
ISM INDEX: The Institute for Supply Management will release the latest results of its monthly manufacturing index, which gauges factory activity nationwide.
EARNINGS TO WATCH: Dollar General, Heinz, and Jackson Hewitt
Friday, June 2:
JOBS REPORT: In April, the economy produced a disappointing 138,000 new jobs. This morning, the Labor Department will report whether the job market improved in May. A major improvement–for instance, a job creation figure of more than 200,000–might raise red flags among inflation hawks, who think that wage pressures are a key ingredient for inflation.
