The Week Ahead...

The employment report may have come and gone but the coming week will be packed with new data. Prices are a feature of the week starting Tuesday with the import & export price report followed on Friday with producer prices. The former has been in deep contraction while the latter, hit by a reversal in service prices, moved lower in the last report. There will also be important jobs data in the week including initial jobless claims, which inexplicably jumped higher in the prior report, and JOLTS where job openings inexplicably fell back. But the week's one report that, by itself, is capable of upsetting FOMC expectations is Friday's retail sales where, however, moderate strength is expected.