A batch of economic reports next week could be very important, particularly if they show the whether or not the economy is set for a bigger slowdown.
Economic data could trump all else in the week ahead, after hiring in February appeared to fall off a cliff, raising new concerns about the economy.
"You go from 310,000 jobs to 20,000. That doesn't seem logical," said Ed Keon, chief investment officer at QMA."I think we look back over the past few months and we had that very disappointing December retail sales number. That seemed a bit of a fluke...But we're quants. You can't just toss out the data that doesn't agree with your existing view."
The 35-day government shutdown delayed many reports and may have affected the quality of others, economists said. The weakening trend in the first quarter, while expected, is hard to get a handle on, and while it's expected to be temporary, every negative report increases doubts. "We are already pretty weak [in the first quarter] because of the retail sales number. The arithmetic that goes into adding up GDP, you're in such a hole to start the quarter because you ended so weak," said Kevin Cummins, senior economist at NatWest Markets.
The Fed will largely be out of the picture in the coming week, with Fed officials in a quiet period ahead of the next meeting March 19 and 20. But Fed Chairman Jerome Powell was to appear in an interview on"60 Minutes" Sunday.
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