The manufacturing sector continued to weaken in May and contracted for the first time since November of 2012. The Institute of Supply Management's Manufacturing Index fell to 49.0 in May, down from 50.7 that was registered in April. Any readings below 50 signals contraction. The decline was due in part to a drop in new orders and less of a demand for exports.
Over in the auto industry, Ford Motor is recalling 465,000 of its 2013 Ford Fusions, Explorer, Taurus, Flex, Interceptor Utility and Sedan, along with the Lincoln MKS, MKT and MKZ due to fuel leaks. Ford stated that it hasn't heard of any incidents of fire or injuries caused by the problem.
This week's economic calendar is chockfull of economic data points that could impact trading. The big highlight will be Friday's May Employment Report where it is expected that employers added 159,000 new jobs. The Unemployment Rate, currently at 7.5%, is expected to remain at that level.