This week’s key economic reports will be Friday’s Canadian jobless numbers and balance of trade data

On Tuesday, the Ivey Purchasing Managers Index is forecast to be 58 in May, up from 55.7 in April.

On Thursday, Canada Mortgage and Housing Corp. releases housing starts data for May. Economists expect 221,200 annualized starts, up from a revised 218,100 in April.

On Friday, Statistics Canada releases the Labour Force Survey for May. Economists expect the unemployment rate was 6.4%, unchanged from the previous month. Payrolls are expected to rise by 20,000, down from a gain of 22,000 a month earlier.

Elsewhere

On Monday, the key U.S. economic data scheduled for release this week include the Institute of Supply Management’s service sector index.

On Wednesday, the Bank of England monetary policy committee meets in London.

On Thursday, the U.S. Department of Labor releases initial jobless claims data for the week ending June 3. Economists forecast 325,000 new claims.

Separately, the U.S. Commerce Department reports wholesale inventories for April. Economists expect a gain of 0.5%, up from a gain of 0.2% the previous month.

On Thursday, the Bank of England monetary policy committee announces interest rate decision.

On Friday, The U.S. Commerce Department releases trade balance data for April. Economists forecast a goods and services deficit of $65-billion (U.S.), up from a deficit of $62-billion a month ago.

Also Friday, the G8 finance ministers begin two-day meeting in St. Petersburg.

Earnings

On Tuesday, Nortel Networks Corp. reports firs-quarter results. Analysts expect a loss of US3¢ a share, compared with a loss of US1¢ a year ago.