On Monday, Statistics Canada reports on the first-quarter gross domestic product. Economists expect a drop of 6.5% in GDP, annualized, compared with the first quarter a year ago. For March, a GDP drop of 0.3% from the previous month is forecast.

StatsCan releases price indexes on industrial products and raw materials for April. Economists forecast a gain of 0.2% in industrial products prices over the previous month. Prices for raw materials are expected to rise 7%
over March.

On Thursday, the Bank of Canada makes its interest rate announcement. Economists expect the target for the key overnight rate to remain unchanged at 0.25%.

Interest rate announcements are also due from the European Central Bank and the Bank of England.

Meanwhile, StatsCan reports on building permits for April. A drop of 7.5% in permits issued is forecast over the previous month.

On Friday, StatsCan releases its labour force survey for May. Economists expect a net loss of 55,000 jobs from the previous month. The unemployment rate is forecast at 8.2%, up from 8% in the prior month.

South of the border

On Monday, the U.S. Department of Commerce reports on personal income and spending in April. Economists forecast a drop of 0.2% in both personal income and spending.

Separately, Commerce reports on construction spending in April. Economists forecast a drop of 1.8% compared with the previous month.

Meanwhile, the U.S. Institute for Supply Management releases its manufacturing index for May. This gauge of factory activity is forecast to rise to 42 from 40.1 in April. A reading below 50 suggests the economy is still shrinking.

On Tuesday, the U.S. National Association of Realtors releases pending home sales data for April. Economists expect a 0.3-per-cent rise over the previous month. A sale is listed as pending when the contract has been signed and the transaction has not closed.

On Wednesday, the U.S. Commerce Department reports on factory orders for April. Economists expect a gain of 0.3% compared with the previous month.

The U.S. Institute for Supply Management releases its non-manufacturing index for May. The index is forecast to rise to 45 from 43.7 in April.

On Thursday, the U.S. Department of Labour reports on initial jobless claims for the week ended May 30.

On Friday, the U.S. Department of Labour releases its employment report for May. Non-farm payrolls are expected to fall by 550,000. The U.S. unemployment rate is forecast at 9.2%, up from 8.9% in the prior month.

Corporate earnings

On Wednesday, Reitmans Canada Ltd. reports first-quarter results.

On Thursday, Canadian Western Bank reports its second-quarter results.