This week’s flow of economic news gets off to a slow on Monday with U.S markets closed to celebrate Independence Day.

Here at home, the Bank of Canada issues its business outlook survey. The central bank makes its next interest-rate announcement on July 12.

On Thursday, Statistics Canada releases May building permits figures. Economists expect a drop of 0.5%.

Also Thursday, the Purchasing Management Association of Canada and the Richard Ivey School of Management release their purchasing managers index for June. Economists expect a reading of 60.5.

The key Canadian report this week comes on Friday when StatsCan releases the June labour force survey.

Economists expect the jobless rate remained unchanged at 6.8% in June, with about 16,000 jobs added.

South of the border, the U.S. Commerce Department reports on factory orders in May on Tuesday. Economists expect an increase of 2.8%.

On Wednesday, the U.S. Institute for Supply Management releases its services index for June. Economists expect a reading of 58.3.

On Thursday, the U.S. Labor Department reports on initial jobless claims for the week ending July 2.

On Friday, Labor issues its employment report for June. Economists expect the unemployment rate to remain unchanged at 5.1%, and non-farm payrolls are expected to grow by 180,000 jobs.

Separately, the U.S. Commerce Department reports on wholesale inventories in May. Economists expect an increase of 0.2%.

Also on Friday, the U.S. Federal Reserve Board reports on consumer credit in May. Economists expect growth of US$4.2 billion.
All earnings forecasts are mean estimates

Among the few companies reporting financial results this week are Alcoa Inc., the world’s largest aluminum company. In Canada, Shaw Communications Inc. is expected to report third-quarter profit of 12¢ a share.

Other companies scheduled to report earnings are Richelieu Hardware Ltd., ComnetiX, a provider of biometric identification, school and inter-city bus transport company Laidlaw International, and office furniture maker Teknion Corp.

In regulatory news, hedge fund company Norshield Asset Management appears for an Ontario Securities Commission hearing on Friday. The hearing into regulatory issues comes after the firm and its subsidiary, Olympus United Group, couldn’t or wouldn’t explain their investment structure.

In international news, leaders of the Group of Eight industrialized nations — Britain, Canada, France, Germany, Italy, Japan, Russia and the United States — meet for their summit in Gleneagles, Scotland. The event runs from Wednesday to Friday.