Although the coming week is a holiday-shortened one, the economic calendar will be busy with data that should give traders and, more importantly, the Fed, a clearer picture on the state of the economy. While the markets will be on a break early in the week due to Independence Day, the real fireworks could come Friday, with the release of June employment figures. "The significance of next week's data could be huge ahead of both Bernanke's semiannual monetary policy report to Congress on July 19 and the next FOMC meeting in early August," says Randy Diamond, sales trader at Miller Tabak. On Monday, the markets will close at 1 p.m. EDT ahead of the July 4 holiday. But before then, construction spending figures for May and the June ISM index are set to hit the tape. According to Thomson First Call, analysts expect construction spending to show a rise of 0.2%, a turnaround from April's drop of 0.1%. When it comes to the ISM index, a data point the Fed watches closely, economists will be looking for a reading of 55, up from 54.4 in May. Also in the spotlight Monday will be the beleaguered Big Three -- General Motors ( GM), Ford ( F) and DaimlerChrysler ( DCX) -- as they release their June auto sales numbers. GM, which rose nearly 9% Friday on word of a potential partnership with Renault and Nissan, already cautioned last week that sales will be down sharply from a year ago, when results were boosted by incentives. It's also worth noting that Japan will release its Tankan survey Monday (Sunday in the U.S.), which will have great bearing on whether the Bank of Japan raises interest rates on July 14. The markets will be closed on Tuesday for Independence Day. The action gets under way again Wednesday with another look at the auto sector, with the release of overall industry car and truck sales for June. Economists predict that industry car sales for the month totaled 5.4 million units, up from 5.3 million in May. Trucks sales are expected to rise to 7.2 million vehicles from 7 million the prior month.