Friday's Events: U.S. & Canadian Employment Reports, Fed-Speak

The Canadian and U.S. employment reports top a busy week on the economic data front, followed by comments from Fed speakers and U.S. wholesale inventories for May.

At 7 a.m. EDT, Statistics Canada will release the Canadian employment report for May. Economists are expecting a build of 10k jobs in the Canadian economy compared to the previous month's 19.2k increase. The unemployment rate is expected to remain unchanged at 6.1%.

At 8:30 a.m. EDT, the U.S. Bureau of Labor Statistics will release the employment report for May. Nonfarm payrolls are expected to fall by 60k jobs after declining 20k in April. The unemployment rate is expected to tick up to 5.1% following the previous month's 5.0% level. Manufacturing payrolls are expected to pull back by 40k jobs after falling by a total of 46k previously. Average hourly earnings are expected to rise 0.2% month-over-month after rising 0.1% in May. Annual average hourly earnings are expected to increase 3.4% after rising 3.4% previously. Average weekly hours worked are expected to remain at 33.7.

At 8:45 a.m. EDT, Fed Governor Randall Kroszner (voter) will speak on 'Financial Market Developments and Credit Conditions' at the Carroll School of Management Center for Asset Management conference in Boston. An audience Q&A will follow.

At 10 a.m. EDT, the U.S. Department of Commerce will release wholesale inventories for April. Economists are expecting a 0.5% increase following the previous month's 0.1% pull-back.

At 11 a.m. EDT, U.S. Assistant Secretary for Economic Policy Phillip Swagel will deliver the monthly economic briefing.

At 11:15 a.m. EDT, Chicago Fed President Charles Evans will introduce a conference on fraud.

At 1:30 p.m. EDT, James Bullard, newly appointed president of the St. Louis Fed, will speak on the U.S. housing market in Madison, Wisconsin.

At 3 p.m. EDT, the U.S. Federal Reserve will release April consumer credit. Economists are expecting consumer credit to fall to $7.2 billion compared to the previous month's $15.3 billion level.

7:00 CA Unemployment Rate May Exp: +6.1% Prior: +6.1%

7:00 CA Net Change in Employment May Exp: +10K Prior: +19.2K

8:30 US Change in Nonfarm Payrolls May Exp: -60k Prior: -20k

8:30 US Unemployment Rate May Exp: 5.1% Prior: 5.0%

8:30 US Change in Manufacturing Payrolls May Exp: -40K Prior: -46K

8:30 US Average Hourly Earnings (M/M) May Exp: +0.2% Prior: +0.1%

8:30 US Average Hourly Earnings (Y/Y) May Exp: +3.4% Prior: +3.4%

8:30 US Average Weekly Hours May Exp: 33.7 Prior: 33.7

8:45 US Fed's Kroszner Speaks on Financial Markets at Boston College

10:00 US Wholesale Inventories April Exp: +0.5% Prior: -0.1%

11:00 US Treasury's Swagel speaks about Financial Markets

11:15 US Fed's Malphrus, Chicago Fed's Evans to Speak at Conference

13:30 US St. Louis Fed's Bullard to Speak on Housing in Wisconsin

15:00 US Consumer Credit April Exp: $7.2B Prior: $15.3B

By Erik Kevin Franco and edited by Cristina Markham