U.S. markets are closed on Monday, promising a quiet start to the week. But, after that, there is a fairly heavy schedule of data releases, and more bank earnings reports.

In Canada, the week starts quietly, too. There’s no significant data out until Thursday, when industrial prices are reported. On Friday, first quarter GDP numbers and the current account balance will be reported.

“On the data front, a weak March won’t stand in the way of a near-3% growth rate for Q1 GDP,” says CIBC World Markets. “But after that one-quarter pick-up, the second quarter is shaping up to be much weaker again, given the signs from April employment, and the soft handoff from March.”

BMO Nesbitt Burns says that it sees 2.5% growth in GDP. “Consumer spending was solid with real retail sales growing by an annualized 5.4% in the quarter, and the still-robust housing market will help boost residential investment spending. On the weak side, exports likely fell, narrowing the trade surplus in volume terms, which will take some of the wind out of top-line growth.” It agrees that the second quarter looks softer.

However, CIBC says that Canadian market watchers will really be focusing on news of mad cow disease, resurgent SARS, and currency movements, rather than the data.

In the U.S., the economic data docket is more inspiring. May consumer confidence numbers are out on Tuesday. Wednesday brings durable goods orders. On Thursday, its Q1 GDP numbers will be released. And, on Friday, personal income and spending, the Michigan sentiment index, and the Chicago PMI will all be reported.

“Durable goods orders warrant the most attention in a sea of fairly minor indicators,” says CIBC. “Along with employment, capital spending is the other area where the U.S. economy needs to do a lot better if this half-hearted expansion is to become a true recovery.”

“We were intrigued when Chairman Greenspan singled out capital goods orders backlogs as a convincing sign that a rebound in growth was gaining traction. He has a tendency to get the story right, helped by insider info from time to time we suspect,” notes BMO. “Thus, while the market is calling for a big drop in new bookings for durable goods, perhaps instead we will see factories hold on to the large gain last month, notwithstanding the poor ISM April reading.”

“Consumer confidence should see one final bounce-back from war-related weakness, but our bet is that it will subsequently level off as hiring fails to materialize this summer,” concludes CIBC.

BMO says that the consumer confidence figures will likely show a solid rebound. “As always, we will be watching the employment surveys closely to see if there is any sign of a pulse in U.S. labour markets. Chicago’s Purchasing Managers‚ report for May has the potential to be a real market-mover if it signals a thaw in May ISM. Jobless claims will also continue to receive market focus this week.”

On the earnings front, the banks will be the big story, although Hudson’s Bay Co. is scheduled to report on Monday.

Bank of Montreal and Bank of Nova Scotia are slated to go on Tuesday. Bombardier Inc. and Premium Brands Inc. also report Tuesday.

Van Houtte Inc. is slated for Wednesday. Thursday will hear from B2B Trust, Cara Operations, Laurentian Bank and National Bank.

Royal Bank has the stage on Friday.