With recent jobs reports securing the interest rate outlook for both Canada and the U.S., this week’s light data schedule won’t have much affect on the markets.

In Canada, there are just two reports due out this week. The Ivey Purchasing Managers Index on Monday, and housing starts on Tuesday.

CIBC World Markets says, “Marking a continuation of Canada’s generally upbeat economic tone, the June survey of purchasing managers’ should post a modest increase. And while down on the month, June housing starts are likely to remain at robust levels, as low interest rates and soaring employment continue to work their magic.”

CIBC also notes that neither report will alter the view that a quarter-point hike from the Bank of Canada is set for July 16.

The U.S. calendar is also light, with the Producer Price index on Thursday, followed by retail sales and the University of Michigan consumer sentiment index on Friday.

CIBC predicts that the two consumer-related reports will draw attention. “Friday’s retail numbers could show an above-consensus core rise, suggesting the consumer may be a bit softer but is not out. Consistent with that theme, the Michigan sentiment numbers the same day will likely show only modest erosion to the 92 level.”

BMO Nesbitt Burns says, “U.S. retail sales likely held up well in June, despite the anemic trajectory of jobs and wage incomes in recent months.” It expects a 0.8% rise in retail activity, although the brokerage expects that to soften as tax rebates fall away and 0% financing deals disappear. “We will be especially interested to see whether consumers can hold on by their fingernails while the rest of the economy attempts to blossom into a broadly-based expansion,” it says.

Second quarter earnings season starts in earnest this week, with reports from the first two Dow members due at the week’s outset. Alcoa is due to report on Monday, followed by C.I. Fund Management Inc. on Wednesday, and Nexen Inc. on Thursday.