Traders will be eyeing North American employment numbers this week as stock markets look to build on the gains of 2004.

The most important economic releases of the week come Friday when December jobs numbers for the United States and Canada will be announced.

Stock markets finished flat for the final week of 2004 but up for the year. The S&P/TSX composite index gained 12.5%.

Market expectations for December employment growth in the U.S. are modest, with the consensus calling for the economy to have generated 175,000 jobs following only 112,000 in November.

Employment expectations for the month are also muted for Canada with economists expecting job creation to come out at 15,000 for December following a disappointing 4,600 the previous month.

The week’s other major data release comes Monday when investors will get a fresh snapshot of the U.S. manufacturing sector.

The Institute for Supply Management index is expected to show continued expansion, coming in at 58.5 following a reading of 57.8 for November.

Canadian financial markets will stay closed until Tuesday, but it will be business as usual on Monday in New York.