The economic calendar is on the light side this week. The only report released Monday was the ISM Service Index, which came in at 55.2 in April. The 55.2 was above the expectation of 54.0 and up from the 53.1 registered in March. Within the report it showed that the employment component fell 2.3 points to 51.3. Readings above 50 signal expansion, below 50, contraction.
The US economy grew by just +0.1% in the 1st quarter 2014 (i.e., quarter-over-quarter change expressed as an annualized number), the slowest quarterly growth in America since the 4th quarter of 2012. At $15.9 trillion in size, the US economy is the largest in the world. The US overtook the British economy as the global leader in 1872 and has held that title for the last 142 years.
Target CEO Gregg Steinhafel resigned on Monday as the data breach problems during the holiday shopping season continues to linger on. There were 40 million debit and credit cards compromised along with personal information of 70 million customers. Target's Chief Financial Officer, John Mulligan, will take over as the interim CEO.