This weeks economic calendar is back loaded with the all important April Employment Report slated for release Friday; considered the most important economic indicator, it provides information on non-farm payrolls, unemployment rate and average hourly earnings growth.

The week begins with Construction Spending and Pending Home Sales Index on Monday. Fed Chief Bernanke speaks on Tuesday along with the ISM Non-Mfg (or Services) Index and the Treasury will auction 3yr notes.

Wednesday provides data on mortgage applications with release of the Mortgage Bankers Association weekly survey. also on Wednesday, the Treasury will auction 10yr notes and information on the labor market comes from the Challenger Job Report & ADP Employment Report.

The final Treasury auction this week is on Thursday with a 30yr bond sale scheduled. Earlier in the day Jobless Claims & Productivity are released. All in all, should be an interesting week ahead.