Economic Events and Analysis
Looking Ahead: Week of July 28 through August 1
US Calendar: This week's highlight is the employment situation report for July. With recent declines in jobless claims, payroll growth may strengthen. Early in the week, the advance estimate for second quarter GDP will indicate how much of a rebound there was after the freeze-induced decline in the first. Also, recent history will be re-written with annual revisions. The consumer sector is supporting economic growth, just behind manufacturing. The personal income report will indicate how much "fuel" the consumer has for spending. And the first reading on consumer spending in the third quarter posts with July motor vehicle sales-which have been healthy.

Global Calendar: The pace of new economic data picks up this week. Investors will monitor the final July manufacturing PMI reports closely along with key unemployment data from the Eurozone and Japan. All investors will parse the FOMC's post meeting statement closely, looking for further policy clues. The week ends with the U.S. July employment situation report.