Wednesday brought ADP job data and Non-Manufacturing PMI report. Private sector employment increased by 179,000 jobs from June to July according to the July ADP National Employment Report. “This month’s employment number falls short of the 12-month average primarily because of slowing in small business hiring,” said Ahu Yildirmaz, vice president and head of the ADP Research Institute. “As the labor market continues to tighten, small businesses may increasingly face challenges when it comes to offering wages that can compete with larger businesses.”

The Non-Manufacturing PMI registered 55.5 percent in July, 1 percentage point lower than the June reading of 56.5 percent. This represents continued growth in the non-manufacturing sector at a slower rate. According to the NMI, 15 non-manufacturing industries reported growth in July. The majority of the respondents’ comments reflect stability and continued growth for their respective companies and a positive outlook on the economy.

On Thursday, Unemployment Claims data  was released. In the week ending July 30, the advance figure for seasonally adjusted initial claims was 269,000, an increase of 3,000 from the previous week's unrevised level of 266,000. The 4-week moving average was 260,250, an increase of 3,750 from the previousweek's unrevised average of 256,500. This marks 74 consecutive weeks of initial claims below300,000, the longest streak since 1973.

Friday's US session was marked by NFP figures. Employment jumped in July for a second month and wages climbed, pointing to renewed vigor in the U.S. labor market that will sustain consumer spending into the second half of the year. Payrolls climbed by 255,000 last month, exceeding all forecasts in a Bloomberg survey of 89 economists, following a 292,000 gain in June that was a bit larger than previously estimated, a Labor Department report showed Friday. The jobless rate held at 4.9 percent as many of the people streaming into the labor force found jobs. The median forecast in a Bloomberg survey called for a 180,000 advance. Estimates in the Bloomberg survey ranged from gains of 140,000 to 240,000 after a previously reported 287,000 June increase. Revisions added a total of 18,000 jobs to overall payrolls in the previous two months.

This week markets will be looking at:

Unemployment Claims (Thursday 14:30)

PPI (Friday 14:30)

Retail Sales (Friday 14:30)

Prelim UoM Consumer Sentiment (Friday 16:00)