This week there will be very little economic data released in Canada, but plenty of news from U.S. markets. In Canada, GDP for February will be released Tuesday, and the business conditions survey is due on Thursday.

CIBC World Markets foresees a 0.2% monthly GDP gain. “We’ll have to wait another month before we see how Q1 growth stacks up to the blowout figure posted stateside,” it notes.

BMO Nesbitt Burns says that “Canadian growth looks to have cooled considerably in February. While manufacturing shipments and exports remained strong, many other indicators softened from very high levels. Housing starts and retail trade fell, while wholesale trade and employment managed only fractional gains in February.” It also sees a 0.2% gain. “Even so, first quarter GDP growth was still probably close to a 5% annual rate, thanks to the sizzling start to the quarter.”

CIBC suggests that the survey of factory sector conditions will “boost confidence that this badly bruised industry is returning to form.”

In the U.S., Monday will bring personal income data. Tuesday sees the release of the Conference Board’s U.S. consumer confidence index.

On Wednesday, the Institute for Supply Management releases its index for the manufacturing sector. “The April ISM index should stay above the 50 mark, perhaps even by a comfortable margin. But a host of other factory data suggest that moderation from last month’s 55.6 reading is in store,” notes BMO Nesbitt.

Thursday brings factory orders. And then on Friday, the all-important non-farm payrolls report is out, along with the ISM non-manufacturing index. “The Friday labour market report is obviously critical,” says BMO Nesbitt. “New claims for jobless insurance have been rising sharply. Companies are cutting jobs and costs with a vengeance. And private employment surveys show little likelihood of a marked pickup in jobs. So, we look for a small decline in payrolls and a rise in the jobless rate to put the markets on alert that the recovery is losing steam.”

CIBC also notes that a speech from U.S. Federal Reserve Board chairman Alan Greenspan on Friday “could help clarify longer term prospects for Fed policy”.

The earnings calendar is full next week, too. Cameco reports on Monday. AngloGold reports Tuesday, along with Bowater, Canfor, Cascades, Echo Bay Mines, Emera Inc., Kinross Gold, Manitoba Telecom Services, Manulife Financial, Royal Group Technologies and Sun Life Financial.

May will open Wednesday with earnings from Domtar Inc., Exco Technologies, Fortis Inc., Husky Energy, Inmet, Loblaw Cos., MDC Corporation, and Telus Corp.

Canada Life reports on Thursday, joined by Canadian Oil Sands Trust, Gold Fields Ltd., Kingsway Financial, Nexen Inc., Precision Drilling, Shoppers Drug Mart Corp. and Thomson Corp.

On Friday, Agrium Inc. reports, as does ATCO Ltd., Canadian Utilities Ltd., Enbridge Inc. and Nova Chemicals Corp.