Business Week Index
THE WEEK AHEAD
Tuesday, July 22 Copyright Federal Reserve Chairman Alan Greenspan will
appear before the House Banking Committee to testify on current monetary policy
and present the Fed's central-tendency forecast for economic growth, inflation,
and unemployment. Greenspan is scheduled to give his Humphrey-Hawkins testimony
before the Senate on July 23.
Tuesday, July 22, 2 p.m.EDT Copyright The Treasury Dept. is likely to report
a budget surplus of $45.2 billion in June when quarterly tax payments are made.
That's the median forecast of economists surveyed by MMS International, one of
The McGraw-Hill Companies. The expected June surplus would push down the
deficit thus far in fiscal 1997 to just $20 billion, compared with $74 billion
in the first nine months of fiscal 1996. The surplus in June, 1996, was $34.3
billion. Thanks in large part to record tax payments, Washington's budget gap
is expected to shrink to about $70 billion in 1997, vs. $107 billion in fiscal
Thursday, July 24, 8:30 a.m.EDT Copyright Initial claims for state
unemployment benefits likely fell back to about 340,000 for the week ended July
19. Claims shot up by 40,000, to 377,000, in the week of July 5. Layoffs
because of model changeovers in the auto industry contributed to the jump.
Friday, July 25, 8:30 a.m.EDT Copyright The MMS survey forecasts that new
durable-goods orders increased by 0.8% in June, recouping the 0.7% drop of May.
EXISTING HOME SALES
Friday, July 25, 10 a.m.EDT Copyright Existing homes probably sold at an
annual rate of 4.16 million in June, says the MMS report. In May, resales
increased 4.4% to 4.24 million. Housing demand has held up well this year,
thanks to growing incomes and high consumer confidence in the economy's future.