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The Week Ahead

On the economic calendar this week, the big monthly jobs report will be in focus and the consensus forecast is that U.S. nonfarm payrolls increased by around 173,000 last month while the unemployment rate dipped to 3.8%.

Other key U.S. reports to keep an eye on this week will cover construction spending, trade, labor productivity, and housing starts & building permits. Overseas, China’s National People’s Congress holds its annual meeting in Beijing this week, with the Financial Times reporting: “   China takes center stage this week when premier Li Keqiang announces the government’s 2019 economic growth target and five-year development plan at the annual meeting of the National People’s Congress in Beijing. Economists expect a growth target of about 6 per cent, down from about 6.5 per cent for 2018.” In Europe this week, the European Central Bank meets with no rate changes expected, while data releases will include German factory orders and retail sales, French and Italian industrial production, and Italian GDP. Have a great week and don’t miss next week’s ISRI Market Report for a recap of the week’s key economic, trade, commodity, and scrap market highlights!

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