The Week Ahead in Acronyms

ISM, JOLTS, and NFP

Highlights

• All eyes are on the PMIs, nonfarm payrolls and JOLTS this week

• Modi victory helps keep secular growth story intact

• Downward revisions pile up, confirming the economy is losing steam

• Dow’s divergence widens within the equity market

While We Were Sleeping

It’s another action-packed week ahead. The ISM manufacturing PMI for May comes out this morning at 10:00 a.m. (ET), then JOLTS tomorrow, ISM services PMI and ADP employment on Wednesday, and then big momma, nonfarm payrolls on Friday. For this Fed, nothing matters more than JOLTS and payrolls, and there will have to be a notable weakening in labor market conditions that moves the Fed to start easing policy before the end of the summer.