This week brings a snack-sized serving of economic data from Canada, along with a full-meal deal of U.S. economic news. Although economists are worried that much of the data could be dismal, investor confidence and corporate news will likely continue to play a big part in the week’s trading action.

Canadian industrial prices are due out on Monday, while the business conditions survey is slated for Friday. The big news will be on Wednesday with the release of May real GDP by industry report. “Following April’s sizeable gain of 0.8%, the market expects some cooling for May with a 0.1% gain,” says RBC Financial.

CIBC World Markets agrees that the GDP for May is not likely to be a happy story. “Declines in manufacturing, wholesaling, retailing and exports spell a one-tick drop in GDP, albeit one that takes only a bit of the shine off a huge April gain.” As for the business conditions survey, it says, “A temperature reading on manufacturing that would have been taken in the first two weeks of July. That might have been too soon to catch recent doubts about the health of the U.S. market.”

In the U.S., consumer confidence numbers are due out on Tuesday. Second quarter GDP is reported on Wednesday. The ISM Manufacturing Index is released on Thursday.

Friday will be the big day with a jobs report due out, personal income and spending numbers, and factory orders data. “Key U.S. economic reports due out this week could potentially trigger worries about stagnation in the economy during the second half of the year,” warns BMO Nesbitt Burns.

“Following the hefty 6.1% gain in the first quarter, markets expect U.S. second-quarter GDP growth of 2.3%,” suggests RBC. “This is expected to be the low point for growth in the U.S. economy this year.”

“In the U.S., the tone of the economic data will be one of a sluggish recovery,” says CIBC. “Second-quarter GDP should squeeze above 2%, but a one-handle is certainly a possibility. Purchasing managers seemed more bullish on orders than reality, so the ISM index could retreat a bit. Job gains might top consensus, but there’s no sign of the economic strength needed to power the unemployment rate lower. Despite this flood of data, bond market direction will continue to be buffeted by volatile swings in equities sentiment.”

BMO agrees that there’s a good chance that GDP will be less than 2%. It warns that July consumer confidence could be weak, and that the ISM index will show a manufacturing sector fighting an uphill battle. “It is very unlikely that a strong jobs report will be forthcoming, and less likely that it would correctly signal a material improvement in the underlying trend even if the random statistical process does produce an uptick.”

The earnings parade continues this week with Petro-Canada reporting on Monday, along with PrimeWest Energy Trust, Stillwater Mining and Telus Corp.

On Tuesday, Brookfield Properties, Echo Bay Mines, Equity Office Properties, Great-West Lifeco, Manulife Financial, and Newmont Mining are slated to report.

Agrium Inc., AngloGold Ltd., BC Gas Inc., Cascades, Computer Sciences, Enerflex Systems, MDC Corporation, Open Text, Sun Life Financial and Trizec Properties report on Wednesday.

Cameco leads off on Thursday, joined by Emera, Fortis, Gold Fields, Husky Energy, Industrial-Alliance, Kinross Gold, and the Power twins, Power Corp. and Power Financial Corp. Domtar Inc. and Four Seasons report on Friday.