"What to watch in the markets: week of May 28"

And now here's a look at what'll be making headlines in the week ahead. Amid another hectic year for political headlines, palace intrigue at the White House, and a volatile year in the stock market, the US economy is still doing quite well. And in the week ahead, investors will get a few data points that should make this clear. On Tuesday, consumer confidence data from the Conference Board should show that consumers still remain optimistic about their prospects. This report has been one of the strongest pieces of economic data since President Trump was elected. On Wednesday, the second estimate of growth in the first quarter of the year will be released. This data is expected to show the economy grew at an annualized rate of 2.3% to start the year. Also on Wednesday, the Fed will release its latest Beige Book report, a summary of economic anecdotes from across the country. This report will form the basis of the economic discussion that will be had at the Fed’s next policy meeting in mid-June. Recent Beige Books have pointed to an increasingly tight labor market across the country, indicating for many economists that wages are likely to rise in the coming months. And then on Friday, the May jobs report will be released. Economists expect that 190,000 jobs were added to the economy in May while the unemployment rate is expected to remain steady at 3.9%. Average hourly earnings will be a key number to watch in this report, with expectations that wages grew 2.6% over last year in May. Also on Friday will be key manufacturing readings from the Institute for Supply Management and Markit Economics. And then on the earnings side, the coming week will have some key retail names reporting with Dick’s Sporting Goods, Lululemon, and Costco all reporting results. While Salesforce.com, HP, and cloud storage provider Box will be the notable reporters out of the tech sector.

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