Two of the US economy's major indicators are expected this afternoon. First, official US labor market statistics will show whether solid job growth can continue and wage pressures will increase. Both have implications for the Fed's assessment of inflation and the outlook for interest rate policy. Secondly, the industry association ISM will present the results of the monthly survey of purchasing managers in the industrial sector. The resulting Purchasing Managers' Index (PMI) is regarded as a reliable early indicator due to its correlation with the overall economic trend.