Monday, July 17, 10 a.m. -- Inventories held by manufacturers, wholesalers, 
      andretailers probably increased by 0.5% in May, according to the median 
      forecast of economists surveyed by MMS International, one of The McGraw-Hill 
      Companies. Manufacturers have alreadyreported a 0.6% gain in May stock levels, 
      but wholesale inventories were nearly unchanged for the month. Inventoriesrose 
      by 0.8% in April, and a slower accumulation in inventories is expected to have 
      been a drag on economic growth in the second quarter. Business sales likelyrose 
      by 0.4% in May,reversing a 0.4% fall in April. Factory shipments andretail 
      salesrebounded in May.
      Tuesday, July 18, 8:30 a.m. -- The foreign trade deficit likely narrowed a bit 
      in May, falling to $10.2 billion from April's startling $11.4 billion, the 
      biggest since the Commerce Dept. began tracking trade in both goods and 
      services 3 1/2 years ago. The MMS economists expect that exports, which fell 
      1.3% in April,rebounded in May, led by increased aircraft exports. At the same 
      time, imports, up 1% in April, saw little change. Still, after adjusting for 
      prices, the small improvement in the May trade deficit suggests that the 
      net-exports sector of thereal gross domestic product subtracted from 
      second-quarter growth. That is after net exports stole almost one-percentage 
      point from GDP growth in the first quarter.
      Wednesday, July 19, 8:30 a.m. -- The MMS survey forecasts that housing starts 
      increased to an annualrate of 1.29 million in June. That would be the highest 
      level since February. In May, homebuilding dropped by 1.3%, with single-family 
      starts slipping to a two-year low. The Junerebound is suggested by the 19.9% 
      jump in May sales of new single-family homes, which helped to clear out some of 
      the supply of unsold units held by builders. However, homebuilding will 
      probably have little upward momentum for therest of 1995.
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