Although next week will be a holiday-shortened one, it will bring some important economic data by week’s end.

Markets are closed Monday in both Canada and the United States.for Labour Day

Tuesday brings the U.S. National Association of Purchasing Managers report. “The NAPM report should remain mired in the low 40s, as mixed Chicago- and Philadelphia-area factory surveys did little to encourage optimism,” notes BMO Nesbitt Burns. “We would point out that a crushing fall in the inventory component last month set up the likelihood that the liquidation period is drawing to a close. So, although we expect a couple of months more weakness, we could be surprised. Prices, however, surely will stay soft in the NAPM figures.”

Wednesday sees building permit data released in Canada, with productivity numbers due in the U.S.

Thursday is an off day, and then jobs data from both sides of the border are delivered on Friday. “Friday’s employment report is expected to show no jobs growth for the third straight month, leaving Q3 on target for a rare quarterly employment decline,” says CIBC World Markets. “Adding to consumer woes, the jobless rate is also likely to tick higher to 7.1%. While still nearly two months from the next scheduled Bank of Canada rate announcement, the growing pile of soft data releases augers well for substantial easing in the coming quarters.”

Also on Friday, Japan reports second quarter real GDP numbers, which could confirm a recession there. Real GDP expected to come in negative for the second time in a year. “All indications point to a very weak reading, with no possibility of recovery until economic reforms kick in,” says BMO. “Prime Minister Koizumi is contemplating another fiscal package to help the jobless, but it will likely have little effect.”

The earnings scene looks rather quiet next week. Alimentation Couche-Tard Inc. is due to report Thursday, along with Boutiques San Francisco, Canadian Western Bank, Leroux Steel and Van Houtte Inc.

First Call says that rather than earnings reports, the big financial news next week will be monthly sales reports from companies. “Tuesday brings the unit auto sales for August from all the majors. Mostly on Thursday, many of the retailers will be reporting same store sales for August. Some of the homebuilders may report August orders this week, although some will be next week. Also some of the airlines will be reporting customer data for August. All four of these sets of reports are likely to be more crucial than normal.”