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The June unemployment rate, set to be released next Friday, is expected to stay flat with the 9.1% registered in May, according to economists surveyed by Dow Jones Newswires.
U.S. retailers will report their sales results for June, with broad gains seen from each retail segment, led by discounters.
The U.S. Senate will stay in session next week, cancelling its scheduled July 4 recess to allow lawmakers more time to debate debt-ceiling negotiations.
June Unemployment Rate Expected To Remain Flat At 9.1%
A handful of economic reports are due next week, including June's unemployment rate from the U.S. Department of Labor. Economists expect the U.S. employment rate, scheduled for release next Friday, to show that nonfarm payrolls rose by 98,000 new jobs in June, after a gain of 54,000 the prior month. The unemployment rate edged up to 9.1% in May from 9% in April, as hiring by U.S. companies slowed dramatically.
Retailers To Report June Same-Store Sales
U.S. retailers are expected to report broad same-store sales for the month of June, according to analysts surveyed by Thomson Reuters, which projected strong gains from youth-geared apparel retailer Buckle Inc. (BKE), luxury retailer Saks Inc. (SKS) and discount-warehouse retailer Costco Wholesale Corp. (COST). Analysts most recently forecast a 4.4% increase in June from a year ago, with the largest gains seen from discount and teen apparel retailers.
Holiday Plans Nixed For Senate As Debt Talks Loom
The U.S. Senate will stay in session next week, cancelling its scheduled July 4 recess to allow lawmakers more time to debate over how to control the U.S. debt. U.S. Senate Majority Leader Harry Reid's (D., Nev.) decision to keep senators in Washington came a day after Obama suggested that Congress should stay in session to continue to debate the debt-ceiling negotiations. The topic has deeply divided Democrats and Republicans, and a decision must be made by Aug. 2 to avoid a possible default on the country's debt.
Quarterly Earnings Due From A. Schulman, Helen Of Troy
In another light week for quarterly earnings reports, results are due from raw materials maker A. Schulman Inc. (SHLM), household and personal-care company Helen of Troy Ltd. (HELE) and maintenance- and cleaning-product firm WD-40 Co. (WDFC).
A. Schulman is expected to post a large increase in both profits and sales, as the company benefits from a focus on more profitable businesses, expansion in emerging markets like Brazil and stronger customer demand. Helen of Troy's results should also rise sharply, due to the company's recent acquisition of Kaz Inc. and a strong performance by its household-products business.
WD-40, however, recently cut its forecast for the current fiscal year's results, due to margin erosion from high commodity costs. Analysts expect the company will report a small profit drop, although sales are seen rising 6%.
William & Kate Continue Canada Tour, Plan Visit To U.S.
Britain's Prince William and his wife, Catherine, continue their tour of Canada next week, with visits scheduled to Quebec City, Prince Edward Island, Yellowknife and Calgary. The royal couple are also planning to visit Los Angeles on July 8 and will host a gala dinner there the following night to highlight up-and-coming British film makers.
Senate To Vote On Authorization Of Libya Operations
The U.S. Senate plans to vote next week on a measure authorizing the U.S. to participate in NATO-led military operations in Libya, in a vote that is expected to result in approval to continue with the operation. The measure would authorize President Barack Obama to continue the U.S. rule for up to one year, although some Republicans have said they will hold up a vote in order to send a message that the budget should be the chamber's top issue.
Obama To Host Town Hall Event On Twitter
Obama will host a town hall-style event on the social media website Twitter on Wednesday, as he aims to address Americans concerns about his focus on jobs and the economy. The White House, which has embraced social media to get out its message, has its own Twitter and Facebook pages, and frequently posts information on its blog.
EPA To Issue 'Transport Rule' On Interstate Pollution
The U.S. Environmental Protection Agency is expected to issue a widely anticipated final rule on interstate air pollution next week, according to Gina McCarthy, assistant administrator for the EPA's Office of Air and Radiation. The so-called transport rule would limit toxic emissions from power plants.
-By John Kell, Dow Jones Newswires; 212-416-2480; firstname.lastname@example.org
(Dow Jones Newswires staff contributed to this report.)