By Kathleen Madigan 
 

After the busyness of the first week of July, this week's economic calendar is pretty sparse.

One key, albeit lagged, report will be the trade deficit numbers on Tuesday. Trade was whipsawed in March and April as the end of the West Coast port slowdown caused imports to surge and then taper off. The trade deficit jumped to $50.6 billion in March and then plunged to $40.9 billion in April.

Now that shipping flows have normalized, economists surveyed by The Wall Street Journal think the trade gap will increase to $42.5 billion in May.

Also on Tuesday will be the Labor Department's labor turnover report. The report will detail the churn in the May labor markets. According to the latest employment report, the economy created 254,000 jobs in May, down from the 280,000 gain first reported.

Although not a data report, one interesting release will be the minutes of the June 16-17 Federal Reserve policy meeting on Wednesday. Fed watchers will want to read how much policy makers discussed the economic outlook, international risks, and the timing of the first interest-rate increase.

 
DATE      TIME  RELEASE             PERIOD  CONSENSUS    PREVIOUS 
          (ET) 
 
Tuesday   0830  US Trade Deficit      May    $42.5B (31)    $40.9B 
          1000  Job Openings & 
                  Labor Turnover      May    N/A            N/A 
Wednesday 1500  Consumer Credit       May    +$19.0B (11)   +$20.5B 
Thursday  0830  Jobless Claims        Jul 4  275K  (19)     281K 
Friday    1000  Wholesale Inventories May    +0.4% (10)     +0.4% 
 
     (Figures in parentheses refer to number of economists surveyed.) 
 

Write to Kathleen Madigan at kathleen.madigan@wsj.com