LEADING INDICATORS
      Tuesday, Feb. 20, 8:30 a.m.EST -- The index of leading indicators, now compiled 
      by the Conference Board, was probably flat in December, after slipping 0.3% in 
      November. The November index is expected to be revised sharply now that more 
      government data are available. The index has not risen since August.
      
      HUMPHREY-HAWKINS TESTIMONY
      Tuesday, Feb. 20, 2 p.m.EST -- As required by law, Federal Reserve Chairman 
      Alan Greenspan will appear before the House subcommittee on monetary policy to 
      testify on the conduct of monetary policy and disclose the Fed's 
      central-tendency forecast for economic growth, unemployment, and inflation for 
      1996.
      
      FEDERAL BUDGET
      Thursday, Feb. 22, 2 p.m.EST -- The Treasury Dept. is expected to report a 
      January surplus of $20 billion, according to the median forecast of economists 
      surveyed by MMS International, one of The McGraw-Hill Companies. Washington had 
      a surplus of $15.6 billion in January, 1995.
      
      GROSS DOMESTIC PRODUCT
      Friday, Feb. 23, 8:30 a.m.EST -- Real GDP probably grew at an annual rate of 
      1.6% in the fourth quarter, says the median MMS forecast. However, a big 
      improvement in foreign trade may have lifted growth closer to 2% or more. The 
      economy expanded at a 3.2% pace in the third quarter, but domestic demand 
      slowed sharply at yearend. The GDP deflator probably increased at a 2.3% annual 
      rate in the fourth quarter, about the same rise as in the third.
      
      HOUSING STARTS
      Friday, Feb. 23, 8:30 a.m.EST -- The MMS survey forecasts that housing starts 
      fell sharply to an annual rate of 1.25 million in January, from a likely 1.3 
      million in December and a 1.42 million rate in November. The East Coast 
      blizzard plus record cold temperatures across much of the nation quashed 
      homebuilding last month.
      
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