Tuesday brought ISM Manufacturing PMI data. The July PMI® registered 56.3 percent, a decrease of 1.5 percentage points from the June reading of 57.8 percent. Comments from the panel generally reflect expanding business conditions, with new orders, production, employment, backlog and exports all growing in July compared to June, as well as supplier deliveries slowing (improving) and inventories unchanged during the period.

Wednesday was marked by ADP Employment Change data.  Private sector employment increased by 178,000 jobs from June to July according to the July ADP National Employment Report. “Job gains continued to be strong in the month of July,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “However, as the labor market tightens employers may find it more difficult to recruit qualified workers.”

On Thursday Unemployment Claims and Non-Manufacturing PMI data was released.  In the week ending July 29, the advance figure for seasonally adjusted initial claims was 240,000, a decrease of 5,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 244,000 to 245,000. The 4-week moving average was 241,750, a decrease of 2,500 from the previous week's revised average. The previous week's average was revised up by 250 from 244,000 to 244,250.

The NMI® registered 53.9 percent. This represents continued growth inthe non-manufacturing sector at a slower rate. The Non-Manufacturing Business Activity Index decreased to 55.9 percent, 4.9 percentage points lower than the June reading of 60.8 percent, reecting growth for the 96th consecutive month, at a slower rate in July. The New Orders Index registered 55.1 percent, 5.4 percentage points lower than the reading of 60.5 percent in June.

Focus of the Friday's session was on NFP report. Total nonfarm payroll employment increased by 209,000 in July, and the unemployment rate was little changed at 4.3 percent, the U.S. Bureau of Labor Statistics reported. Employment increased in food services and drinking places, professional and business  services, and health care. Both the unemployment rate, at 4.3 percent, and the number of unemployed persons, at 7.0  million, changed little in July. After declining earlier in the year, the unemployment rate has shown little movement in recent months.

This week markets will be looking at:

JOLTS Job Openings (Tuesday 16:00)

Unemployment Claims (Thursday 14:30)

PPI (Thursday 14:30)

CPI (Friday 14:30)