Economic Reports for the Week of May 7

Data will include consumer credit and the trade for June, and companies reporting earnings will include Walt Disney, News Corporation and J. C. Penney.

Reports will include consumer credit and the trade deficit for November and companies reporting earnings will include Monsanto and Wells Fargo.

The Federal Trade Commission just released a report on the credit reporting industry that could spell trouble for tens of millions of consumers. 

Data to be released will include I.S.M. service for October, consumer credit for September, weekly jobless claims and the trade deficit for September.

Data will include retail sales and leading economic indicators for July, and companies reporting results will include Groupon, Home Depot and Wal-Mart Stores.

[6:03 pm ET Saturday] Right before the opening of the Olympic Games at London, the Europeans stole the show with the boldest statements yet about the longevity of the Euro as the world’s second reserve currency, calling it a permanent thing. Some people think it’s all good sport, right? But we all fell off our chair with the Queen’s helicopter jump alongside James Bond into the opening ceremonies and with Mr. Bean playing in the London Symphony. All good stuff, showing the British humor at its best.

Reports will include the Consumer Price Index and retail sales for April, and companies reporting results will include Wal-Mart Stores, Groupon and Target.

Zacks.com submits: Macy’s Inc. (M) , one of the leading department store retailers in the United States, recently posted better-than-expected sales results for the four-week period ended May 1, 2010, on the heels of new merchandise assortments, and raised its first-quarter 2010 earnings guidance. The company’s comparable-store sales for April 2010 inched u