After another fairly quiet day for the major U.S. equity indexes, Thursday will bring us two of the week’s big economic reports, with data on private payroll growth and manufacturing activity serving as the highlights.

At 8:15 a.m. ET, the May report on private payroll growth is expected to show 180,000 jobs were added during the month.

And then at 10 a.m., the Institute for Supply Management’s latest manufacturing PMI report is expected to show a continued expansion of economic activity in May with a reading of 54.7. Thursday will also feature manufacturing data from Markit Economics and the latest weekly report on initial jobless claims.

Friday, of course, will bring us the week’s biggest economic report: the May jobs report.

Demand for labor, going up

The defining theme of the U.S. economy right now is that the labor market is tight.

Economists will quibble over just how tight labor market is or is not. The textbooks would tell you wages ought to rise when the availability of labor falls. And given the fairly tepid rise in wages we’ve seen over the last year and the still-low participation rates, there is perhaps more slack left in the market and more reason for the Fed to remain cautious. Still, commentary from American businesses makes clear there is more demand than supply for workers in America.

The Federal Reserve’s latest Beige Book, a collection of economic anecdotes from each of its 12 districts, was released on Wednesday, and showed that everywhere you look in America, finding workers is, well, hard work.

“Payrolls grew across a broad range of industries, with continuing wage pressures in some skilled occupations and at the lower end of the pay scale,” said officials at the Federal Reserve Bank of Cleveland.

“Staffing firms noted an increase in the number of job openings and placements during the past two months, a situation which they attributed to an improving business climate… Payrolls grew across a broad range of industries, with continuing wage pressures in some skilled occupations and at the lower end of the pay scale. Staffing firms noted an increase in the number of job openings and placements during the past two months, a situation which they attributed to an improving business climate.”

In the Boston Fed’s district, officials said, “Payrolls grew across a broad range of industries, with continuing wage pressures in some skilled occupations and at the lower end of the pay scale. Staffing firms noted an increase in the number of job openings and placements during the past two months, a situation which they attributed to an improving business climate…