This week should see the focus shift from earnings to economic news in the United States, while Canada’s schedule of economic releases will be light.

The only economic reports out this week in Canada are industrial prices on Tuesday and August GDP numbers on Thursday. “A much lighter week for economic news will be highlighted by the August monthly GDP report,” says CIBC World Markets. “The month was a mixed bag, with retailing not very promising, but lots of activity at factories and wholesalers. Our 0.2% growth forecast would put the quarter on track for about 3.5% real GDP growth, a bit shy of the Bank of Canada’s 4% expectations and therefore supportive for a continued stand pat stance.”

BMO Nesbitt Burns also sees GDP growth of 0.2%, or slightly higher. “While Canadian GDP growth remains the envy of the rest of the industrialized world, the underlying trend is gradually cooling. After averaging over 5% in the first half of the year, growth is likely to ease to around a 3.5% annualized pace for all of Q3, and appears poised to dip below 3% in Q4.”

“This week’s monthly GDP release will probably point to a more moderate pace of growth in the third quarter than the hot 4%t clip that the Bank of Canada is forecasting,” says TD Bank. “Which will buy the central bank a small, but welcome, morsel of slack.”

In the U.S., earnings season is winding down, so attention will turn to economic reports, which CIBC says “won’t look very promising on balance”. Consumer confidence numbers are due on Tuesday. Third quarter GDP and the Employment Cost Index are scheduled for Thursday. And, Friday brings the jobs report, ISM index and personal income and spending data.

CIBC says that third quarter GDP should come in close to consensus expectations, with all of the strength in consumer spending. “But with growth tailing off at quarter’s end, the more current reports on October employment, factory purchasing managers and consumer confidence should look a lot less rosy,” says CIBC. “The employment data are the likely wildcard, since the last two months have seen widely divergent reports from the separate surveys of employers and households, giving us even less confidence than usual in predicting the October results.”

BMO says that, “We expect markets will become more convinced that U.S. economic growth is in danger of stalling in the fourth quarter. Real GDP growth for the third quarter was probably a bit faster than the first half’s 3.1% pace. However, it was clear to everybody that the economy lost steam as the quarter moved along.”

BMO is expecting another payroll decline, perhaps near 25,000. But it notes, “Markets are now correctly focused on cost cutting to enhance profits as the core reason for the job cutbacks. Job cuts are not primarily due to declining business activity. So, the equity market might take a modest employment decline in stride, and hopes for Fed easing would only be lifted by a much weaker negative number.”

The ISM survey on Friday will also draw market attention, BMO predicts. “ISM slumped below 50 in September, with a reasonable chance that the decline was only a one-month event. However, further slippage in October would elevate the risk that manufacturing has resumed a declining trend.”

In Canada, there will be a slew of earnings reports out this week. Cascades, Co-Steel and Finning International Inc. report on Monday.

Agrium Inc., Biovail Corp., Bowater , Great-West Lifeco, TransCanada PipeLines Ltd. and Quebecor World report on Tuesday.

On Wednesday, Brookfield Properties, Cambior Inc., Fortis Inc., Husky Energy, and Rothmans Inc. are due to report.

Cameco, Domtar Inc., Investors Group Inc., Manitoba Telecom, Newmont Mining, Norske Canada, Petro-Canada, Sun Life Financial and Talisman Energy are lined up for Thursday.