Week Ahead - Jun 1st

The ongoing conflict between the US and Iran will set the pace for global markets after reports of progress in a deal that includes restoring trade through the Strait of Hormuz. On the data front, the US will have its labor data week, headlined by the jobs report but also featuring results from the JOLTS, the ADP report, and Challenger job cuts. In turn, the ISM PMIs will unveil fresh leading signals in an uncertain period of the US economy. China will join the US in releasing key PMI data, both industry and the official NBS gauges. In Europe, the Eurozone will release its May inflation rate and April retail sales. Elsewhere, Australia, India, and Turkey will release their GDPs, and India will set its interest rate. On the political front, the US will see primary elections across the country. Earnings by Broadcom, Palo Alto Networks, and Crowdstrike will add to details on the AI economy.
Andre Joaquim | andre.joaquim@tradingeconomics.com
5/29/2026 5:07:36 PM
Americas
In the US, the first week of June kicks off with the highly anticipated May jobs report, as investors continue to assess the AI boom’s impact on the US labor market. The economy is expected to have added 96,000 jobs in May, down from 115,000 in April, with the unemployment rate holding steady at 4.3%. Hourly earnings are forecast to rise 0.3% month-over-month (vs. 0.2% in April) and 3.5% year-over-year (vs. 3.6%). Other key labor data include JOLTs job openings, projected to dip to 6.8 million in April from 6.9 million in March, and the ADP employment report, which should signal steady private-sector job growth. The ISM PMI surveys for May are likely to show continued expansion in both manufacturing and services. Additional releases include April factory orders, final labour costs and productivity figures for Q1 and consumer credit for April, while Fed speeches will offer further insights into monetary policy. On the earnings front, Broadcom is set to release quarterly results. Elsewhere in America, Canada releases May employment data and PMIs (S&P Global and Ivey), Mexico publishes business and consumer confidence, and Brazil reports industrial output and trade balance. S&P Global PMIs will also be released across the region.

US Congress, Washington DC

Europe
Eurozone flash CPI data will be closely watched as the ECB prepares for the June monetary policy decision, with markets already pricing in what would be the ECB’s first rate increase since September 2023. Tuesday’s flash CPI estimates for May will be the final major inflation update ahead of the ECB meeting and are therefore likely to play a key role in shaping expectations. Headline inflation is forecast to rise to 3.3% year-over-year in May, the highest level since September 2023. Core CPI, which excludes food, energy, tobacco, and alcohol, is expected to accelerate to 2.4% year-over-year. At the same time, the unemployment rate is expected to hold at 6.2%, remaining near record lows. Final estimates for the Eurozone GDP growth in Q1 are also due. Spain will also release updated labor market figures. Meanwhile, retail sales data from both Germany and the broader Eurozone are expected to show a fourth consecutive monthly decline. In France, the trade deficit is forecast to narrow slightly in April, while industrial production is expected to fall after rebounding in March. PMI data will also be in focus across Southern Europe. Manufacturing activity is expected to slow in Italy but accelerate further in Spain. Meanwhile, the services sector is projected to remain in contraction territory in both countries. Elsewhere in Europe, a range of economic data is due from Switzerland and Turkey. Turkey’s Q1 GDP is expected to show annual growth of 2.7%, slowing from 3.4% in the previous quarter. Switzerland will release Q1 GDP figures along with inflation, unemployment, retail sales, and foreign trade data. In the UK, the economic calendar will be relatively light, featuring mortgage lending data, Nationwide house prices, and the Halifax house price index. On the monetary policy front, Poland’s central bank is widely expected to leave interest rates unchanged at 3.75%.

Frankfurt, Germany

Asia Pacific
In China, investors will focus next week on official NBS and RatingDog manufacturing and services PMI data for May, which are expected to show further moderation in activity across both sectors. In Japan, attention will turn to a series of key releases, including Q1 capital spending, which likely rose at a slower 4.1% year-on-year pace, alongside the monetary base, household spending which is expected to have declined 1.4% year-on-year, wage growth data, and the coincident and leading economic indexes. In India, the Reserve Bank of India is set to announce its latest monetary policy decision, with no change in interest rates expected. The country will also release Q1 GDP figures, which are projected to show growth of 7.3%, down from 7.8% in Q4 2025. Industrial production for April is also due. In Australia, the week is packed with key data releases, including GDP figures, with the economy expected to have expanded 0.5% quarter-on-quarter in Q1, slowing from 0.8% in Q4 2025. Other notable releases include job advertisements, private sector credit, commodity prices, building permits, industry activity indicators, and trade data. Elsewhere in the region, South Korea, Indonesia, and Vietnam are scheduled to publish trade data, while inflation figures are due from South Korea, Indonesia, Vietnam, the Philippines, Thailand, and Taiwan. Manufacturing PMI reports will also be released across the Philippines, South Korea, Taiwan, Vietnam, Indonesia, Malaysia, Thailand, Hong Kong, Saudi Arabia, the UAE, and Singapore.

Shanghai, China