This week, several significant business events and economic indicators are set to be released, providing insights into the current state of the economy.

On Tuesday, the Institute for Supply Management (ISM) will unveil its latest report concerning the U.S. service sector. Analysts anticipate that the monthly index will show a slight increase in December, after a decline observed in November. As the service sector is a major source of employment for Americans, it is critical to monitor how it is withstanding the pressures from rising inflation and higher interest rates. This sector’s performance is particularly essential for identifying any signs of economic distress.

Here are the seasonally adjusted figures for the ISM Services PMI for the past six months: July recorded a reading of 51.4, August at 51.5, September saw a rise to 54.9, October increased to 56, November slipped to 52.1, and December is estimated to be at 53.4, according to data from FactSet.

Also on Tuesday, the Labor Department is expected to issue its monthly report detailing job openings. Predictions suggest that the Job Openings and Labor Turnover Survey will indicate a decrease in job openings for November compared to October. This report serves as an essential barometer for gauging the health of the job market. Although job openings have been on the decline since reaching a peak of 12.2 million in March 2022, they still exceed levels prior to the onset of the COVID-19 pandemic in early 2020.

The estimated job openings from the JOLTS survey are as follows: June at 7.91 million, July showing 7.71 million, August at 7.86 million, September falling to 7.37 million, October at 7.74 million, and November is estimated to be 7.59 million.

Finally, the U.S. will announce its monthly employment figures on Friday. Analysts expect a decline in hiring for December following a significant surge in the previous month. It is predicted that the Labor Department will report that nonfarm employers created around 150,000 jobs in December.

The monthly changes in nonfarm payrolls, adjusted for seasonality, are projected to read as follows: July saw an increase of 144,000 jobs, August added 78,000, September jumped to 255,000, October fell to 36,000, November showed a rise of 227,000, and December is expected to add 150,000 jobs according to FactSet data.