The first week of June is going to get off to an eventful start as General Motors (GM) will declare bankruptcy. Also on Monday, the Commerce Department will report on personal income and personal income. Economists on Wall Street are expecting a small drop for both.
Then on Tuesday, Richard Fisher, who’s the head of the Federal Reserve Bank of Dallas, will give a talk on the economy. Also, the National Association of Realtors will report on home sales for April. Hopefully, we’ll see some signs of stability.
On Wednesday, it’s Bernanke’s turn to testify on Capitol Hill. Naturally, traders will try to dissect every sentence of his remarks. The Commerce Department will also report on factory orders for April.
On Thursday, the Labor Department will revise its nonfarm productivity and unit-labor costs for first quarter. We’ll also get a report on jobless claims for last week.
Except for GM, the biggest news of the week will come on Friday when the Labor Department reports on employment for May. Unemployment is expected to rise to 9.2% from 8.9% in April. Economists are expecting to see job losses of 525,000.