@ Wall Street
A late Easter likely hurt May retail sales payrolls, which should see at least a mild improvement from last month's -8k, though that was itself a reaction to April's 11-year high 64k gain. Likewise, leisure and hospitality should see a small positive after a May drop. Manufacturing should be a similar story, particularly after the prior month's 13k decline.
The unemployment rate just barely rounded up to 9.1 percent in May, and we suspect that some catch-up in hiring of farm workers due to a late planting season will help bring the rate down to 9.0 percent, despite anemic nonfarm payrolls growth.
Wholesale trade May figures likely softened, with inventories up just 0.4 percent and sales down 0.4 percent, both their weakest rates since last June. Wholesalers will see two stark drags: the first from a drop in energy prices and thus inventory/sales values, and the second from supply chain issues that temporarily ravaged car sales.
@ The White House
In the morning, the President will meet with Minority Leader Nancy Pelosi in the Oval Office. Later in the morning, the President will be interviewed by WISN Milwaukee, WTAE Pittsburgh, KING Seattle and WTVD Raleigh-Durham about the economy and the importance of finding a balanced approach to deficit reduction.
