The Business Week Ahead

The first week of the year is highlighted by Friday's employment report though Wednesday will also be key with the release of ISM manufacturing and construction spending in the morning followed in the afternoon by FOMC minutes, from the meeting that saw a rate hike, and December unit vehicle sales which follow November's post-hurricane dropoff. ADP's private payroll estimate, because of Monday's New Year holiday, will be posted on Thursday morning instead of Wednesday followed by the latest in jobless claims. Strength is the call for Friday's employment report with Econoday's nonfarm consensus at 190,000 and the unemployment rate seen holding at 4.1 percent. And some life, at a monthly gain of 0.3 percent, is the call for average hourly earnings. November's trade balance will also be posted Friday morning and a second straight big deficit is expected which would not be a plus for fourth-quarter GDP. Factory orders and ISM non-manufacturing round out Friday's busy slate.