North American markets will look to a number of key reports in the U.S. this week that may shed some light on how the world's largest economy will fare in the long term.
One of the reports that will be closely watched will be the U.S. retail sales figures for July, which will be released on Tuesday.
What people are spending can be a key indicator of how stable the economy has become and where it is headed in the near-future.
Consumers' confidence is closely watched because their spending accounts for 70% of economic growth.
The latest Philadelphia Fed's manufacturing survey will be released Thursday. Last month, the index surged to its highest level in more than three years, coming in at 19.8, up from 12.5 in June. That was much higher than the reading of 10 that economists had expected.
On Friday, the University of Michigan will also release its index of consumer sentiment on Friday.
The markets are still weary about the timing of the U.S. Federal Reserve's planned pullback on monetary stimulus. The central bank is currently buying $85 billion U.S. a month in bonds, but said it was prepared to stop the purchases once it sees signs of an economic recovery.
This has left investors worried about what markets will do once it stops.
Comments from Fed officials have been in focus after two regional presidents last week said the central bank could make its moves to slow stimulus in the shorter term, though the exact timing was left to interpretation. The Fed has previously said that it won't make the cuts until there are clear signs that it would be safe to do so.
