Investors will get another reading on the strength of the Canadian economy with the release of May’s employment numbers.

Statistics Canada releases building permits data for April on Wendesday. Economists expect a 5% drop in permits from March.

On Thursday, StatsCan releases report on recent trends in the lumber industry, 1995-2006.

On Friday, StatsCan releases its labour force survey for May. Economists forecast a net gain of 16,500 jobs during the month, while the unemployment rate is seen holding at 6.1%.

The statistical agency also releases Canadian international merchandise trade data for April. Economists expect a trade surplus of $4.9 billion, up from $4.6-billion in March.

Also Friday, Canada Mortgage and Housing Corp. releases housing starts data for May. Economists forecast 215,000 starts on an annualized basis, compared with 211,900 a month earlier.

U.S. and World

On Monday, the U.S. Department of Commerce reports on factory orders for April. Orders are expected to increase 0.6% after jumping 3.5% in March.

On Tuesday, the G8 summit begins in Heiligendamm, Germany. It runs until Friday.

On Wednesday, the U.S. Department of Labor reports on productivity and costs for the first quarter. Economists expect productivity to have gained 1.1% and unit labour costs to have risen 1.3%.

On Thursday, The U.S. Department of Labor reports on initial jobless claims for the week ended June 2. Economists expect 312,000 claims compared with 310,000 the previous week.

On Friday, the U.S. Department of Commerce reports on the international trade balance for April. Economists expect the trade deficit to narrow to US$63.5 billion from $63.9 billion in the previous month.

Corporate earnings

Canadian Western Bank reports its second-quarter results on Thursday.

Other companies scheduled to release earnings this week include:

  • Forzani Group;
  • Saputo;
  • March Networks;
  • MKS;
  • MDS;
  • Transat A.T.;
  • Tundra Semiconductor; and
  • Wi-Lan.