The Week Ahead

PERSONAL INCOME Monday, July 29, 10 a.m.

Personal income likely rose by 0.5% in June, the same gain as in May, says a report by McGraw-Hill's MMS International. Consumer spending probably rose 0.4% in June, after jumping 1.1% in May.

EMPLOYMENT COSTS Tuesday, July 30, 8:30 a.m.

Wage and benefit costs for private industry workers probably increased by about 1% in the second quarter. In the first quarter, they advanced by 1.1%.

NEW SINGLE-FAMILY HOME SALES Tuesday, July 30, 10 a.m.

Sales of new homes are expected to rise to an annual rate of 490,000 in June, from a 474,000 pace in May.

LEADING INDICATORS Wednesday, July 31, 8:30 a.m.

The index of leading indicators probably increased a sharp 0.8% in June, the same jump as in May. If so, it would be the fifth monthly rise in a row.

FACTORY INVENTORIES Wednesday, July 31, 10 a.m.

Factory inventories likely fell by 0.5% in June, after dropping 0.8% in May.

CONSTRUCTION SPENDING Thursday, Aug. 1, 10 a.m.

Construction outlays likely were unchanged in June, according to the MMS consensus. In May, they fell a steep 0.9%. Increased homebuilding in June offset weakness elsewhere.

NAPM SURVEY Thursday, Aug. 1, 10 a.m.

The National Association of Purchasing Management's index of industrial activity is expected to rise to 52.3% in July, from 50.9% in June. The rise suggests that the factory sector is recovering.

EMPLOYMENT Friday, Aug. 2, 8:30 a.m.

The MMS economists expect that nonfarm payrolls added 70,000 workers in July, reversing the 50,000 loss of June. The jobless rate for July is projected to be unchanged from June's 7% level.

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