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The Week Ahead


PERSONAL INCOME

Monday, July 2, 8:30 a.m. EDT -- Personal income in May likely rose 0.3%, the same as in April, says the median forecast of economists surveyed by Standard & Poor's MMS, a unit of The McGraw-Hill Companies. Consumer spending probably increased 0.3% in May, after a 0.4% gain in April.CONSTRUCTION SPENDING

Monday, July 2, 10 a.m. EDT -- Building outlays are expected to have risen 0.1% in May, after increasing 0.3% in April. Outlays for new housing and residential improvements have accounted for half of new construction spending so far this year.PURCHASING MANAGERS' INDEX

Monday, July 2, 10 a.m. EDT -- The National Association of Purchasing Management's index of June industrial activity was probably unchanged from May's 42.1%.FACTORY INVENTORIES

Tuesday, July 3, 10 a.m. EDT -- Manufacturing inventories likely fell by 0.4% in May, after increasing 0.1% in April. Durable-goods makers have already reported a 0.5% drop in their inventories.EMPLOYMENT

Friday, July 6, 8:30 a.m. EDT -- Nonfarm payrolls probably declined by 13,000 jobs in June, with a loss of 80,000 jobs in manufacturing, based on S&P's MMS median forecast. In May, payrolls fell by 19,000, with manufacturers cutting 124,000 positions. The job cuts likely lifted the unemployment rate to 4.6%, from 4.4% in May.


Later, Baby
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