Category: Economy / April 29, 2013 4:38 PM EDT
Joseph Greco, managing director with brokerage firm Meridian Equity Partners Inc., weighs in on this week's economic calendar and events. The highly anticipated U.S. jobs report for April is released at 8:30am EST Friday, with economists polled by Reuters looking for an increase of 150,000 jobs with the unemployment rate likely to remain at 7.6 percent.The March jobs report surprised market professionals after a weak gain of 88,000 jobs.
The Federal Open Market Committee (FOMC) meeting on April 30-May 1 is also on the calendar this week, with economists forecasting little change in the Fed’s policy stance. Auto sales for April are issued Wednesday and analysts polled by Reuters expect the annual sales pace to be 15.28 million in April.
On the international front, the National Bureau of Statistics will release China's manufacturing PMI index for April on Wednesday. The HSBC private-sector survey of purchasing managers last week showed activity in China’s industrial sector dipped in April as new export orders shrank. Investors will be eyeing the data to see if concern over an unstable Europe, being one of China’s biggest export markets, could have a negative impact on the PMI number.
Finally, the ECB interest-rate announcement and press conference is scheduled for Thursday. Economists will be watching to see is there will be a cut in the main refinancing rate.