Monday, June 1, will kick off a busy week on the economic calendar with the release of pivotal personal income and spending data for April. The markets will be looking closely for signals that recently improved consumer confidence has translated into increased spending.

Economists surveyed expect personal income and spending to drop 0.2 percent

The week's biggest economic news comes Friday in the form the government's monthly jobs report for May. If the jobs market remains in the tank, other green shoots seemingly popping up on the economic landscape could wither and die in a hurry.

Nonfarm payrolls are expected to drop by 550,000 after slipping 539,000 the month before. Fewer Americans filed claims for unemployment benefits last week, according to data released on Thursday.