What to watch

The Fed and data: Dates you need to know

Get out your calendars and pens. The Federal Reserve made clear in the minutes of its April meeting that it might hike interest rates again in June if — and it’s a big if — economic growth picks up, the job market continues to get better and inflation moves closer to its 2% objective.

If the Fed is telling the truth — and isn’t just hinting at a coming hike for the purpose of ridding the market of its complacency — here are some key dates and economic data points to watch: May 19 (Thursday): The May reading on manufacturing from the Philadelphia region.

May 26: April durable goods orders. Sales of big-ticket, longlasting items such as dishwashers show consumers’ confidence and willingness to shell out big bucks.

June 1: The ISM manufacturing report for May. Manufacturing has been in recession. In April, this key economic barometer surprised to the upside, reaching its highest level of the year.

June 3: “Jobs Friday.” In April, the government said only 160,000 jobs were created, 40,000 less than forecast. That makes the May jobs report critical, as the Fed will learn if the nation’s jobcreation machine is slowing or revving back up. Investors also get a look at how the services sector of the economy fared in May.

June 14: May retail sales. Many retailers reported weak first-quarter earnings. But retail sales surprised in April, rising 1.3%. Will sales say strong?

June 15: The Fed makes its decision on rates and Chair Janet Yellen explains why.