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Congress on another recess | Obama meets with Japan's PM | Employment report Friday

Congress is on another week-long recess, with both chambers returning Monday, May 7.

President Obama today meets at the White House with Japan's Prime Minister Yoshihiko Noda, where defense issues are the primary focus.

This week will see most action in the financial and other markets focusing on Friday, when the key Employment Situation report arrives. Leading up to that will be Personal Income on Monday along with manufacturing indexes out of Chicago and Dallas. Tuesday brings the ISM manufacturing index with the private-sector jobs data from ADP. Thursday’s Jobless Claims will also be of note, but will pale in comparison to the Friday release.

For agriculture, the weekly Crop Progress report on Monday will be watched to see how much rainfall may have altered planting progress for corn and soybeans, and whether US winter wheat condition ratings have changed much compared to the prior week. Thursday’s Weekly Export Sales remains a focal point, especially with big sales announced via the daily export sales reporting system to close out the past week.

Key reports and events on tap this week include:

Monday, April 30

House and Senate are in recess. Both chambers will resume Monday, May 7.

Japanese markets are closed.

President Barack Obama meets Japan's Prime Minister Yoshihiko Noda at the White House.

Water talks: The Global Water Summit takes place in Rome (until May 1).

Economic reports: Selected Interest Rates (Federal Reserve) | Personal Income and Outlays | Chicago PMI

USDA reports: Export inspections (AMS) | Agricultural Prices (NASS) | Egg Products (NASS) | Peanut Stocks and Processing (NASS) Crop Progress (NASS).

Tuesday, May 1

Some markets closed for May Day, including Germany and Hong Kong.

Energy reports: Weekly National Petroleum Report (API).

Economic reports: ICSC-Goldman Store Sales | Motor Vehicle Sales | ISM Mfg. Index | Construction Spending.

USDA reports: Commodity Costs and Returns Data (ERS).

Wednesday, May 2

Banks and the Federal Reserve: Big U.S.banks meet with a Fed official on a Fed plan to limit bank exposure to credit risk from any one country or government.