MONDAY
The year kicks off with a look at the health of U.S. factories. ISM Manufacturing Index, which tracks producers' activity, has been on the rise for the past four months after being stuck in the doldrums of the recession. December's reading, released today, should show the growth is continuing. A reading above 50 signals growth, and a figure of 54.1 is expected. "In the coming months, we expect the ISM headline index to sustain its above-50 momentum as the global economic recovery gathers steam," said Millan Mulraine, a TD Securities economist.
TUESDAY, WEDNESDAY, THURSDAY
Tuesday
U.S. factory orders for November are released at 10 a.m.
U.S. pending home sales for November released at 10 a.m.
Wednesday
ISM non-manufacturing index for December.
Fed minutes from December meeting, 2 p.m.
Thursday
U.S. chain store sales
for December
FRIDAY
The Canadian jobs picture becomes clearer today with the release of the jobless rate for December. November's 8.5 per cent figure is not expected to change much. Employers have been hiring at a surprisingly fast pace (79,000 new jobs in November), but the party isn't expected to continue.
The U.S. jobless rate is expected to be unchanged at 10 per cent. TD Securities says the U.S. labour market "is on the cusp of a turnaround" and 25,000 jobs were added in December. For those swept up in the recession that saw 7.2 million jobs vanish over 23 months, the turnaround can't come quickly enough.