Top Economic Data to Watch Week of June 1, 2026
A resurgence in the AI-themed rally fueled equity markets to all-time highs last week as earnings from companies like Snowflake (SNOW) and Dell Technologies (DELL) uncovered another tranche in the AI cycle that investors may see as underpriced.
However, this week the focus shifts to economic data, earnings from several cybersecurity and semiconductor companies, and the potential deal between the U.S. and Iran.
As May data trickle in, markets will focus on the direction of inflation, the labor market, and key sentiment indicators across major U.S. industries. Any signs of a weakening labor market combined with persistently elevated inflation could put the Fed in an awkward position heading into the June FOMC meeting.
On the economic data front, Monday kicks off the week with a look into the industrial economy via the ISM Manufacturing PMI. Two components within this report will be of key focus: the headline PMI number, which over the last several months has reflected improvement in the manufacturing industry among the purchasing managers surveyed, and the ISM Manufacturing Prices component. The latter continues to move higher, which reflects input costs that keep rising due to the energy crisis and logistics hurdles.
On Tuesday, labor data begins to trickle in with the Job Openings and Labor Turnover Survey (JOLTS). The market expects job postings to remain relatively stagnant on a month-over-month basis at 6.87 million.
Wednesday brings the ADP Non-Farm Employment Change, a precursor to the BLS Employment Report on Friday. Consensus expectations call for ADP to come in at 110,000 jobs added for the month of May.
The week closes with the BLS Employment Report, where the market is expecting Nonfarm Employment Change of 95,000 jobs added for the month and an unemployment rate of 4.3%. The big wildcard for Friday's labor report will be the level of private payroll jobs added, as Private Nonfarm Payrolls have surpassed analyst expectations considerably over the last two months.
Economic Calendar for Monday, May 2 (ET)
- 09:45 AM: S&P Global Manufacturing PMI Final
- 10:00 AM: ISM Manufacturing PMI
- 10:00 AM: ISM Manufacturing Employment
- 10:00 AM: Construction Spending MoM
- 10:00 AM: ISM Manufacturing New Orders
- 10:00 AM: ISM Manufacturing Prices
Monday Earnings:
- Premarket: Science Applications International (SAIC)
- Postmarket: Hewlett Packard Enterprise (HPE), Credo Technology Group (CRDO)
