The Week Ahead
PERSONAL INCOME Tuesday, Jan. 23, 8:30 a.m. -- Personal income probably rose 0.5% in October and 0.3% in November. That was the median forecast of economists surveyed by MMS International. Income rose 0.4% in September. Consumer spending was likely flat in October and up 0.6% in November. That's suggested by the monthly changes in retail sales. Spending edged up 0.2% in September. The government shutdown delayed release of the income report for two months. In addition, the monthly report will begin to state inflation-adjusted income and spending on a chain-weighted basis to conform with data in the gross domestic product release. WHOLESALE TRADE Tuesday, Jan. 23, 10 a.m. -- Though usually a second-tier data series, this report on wholesale inventories and sales in November will be scrutinized because it will be one of the first looks at the inventory adjustment process in the middle of the fourth quarter. Wholesale inventories rose a large 0.7% in October, while sales fell 0.4%. INDUSTRIAL PRODUCTION Wednesday, Jan. 24, 9:15 a.m. -- Output at the nation's factories, mines, and utilities probably rose 0.2% in December, says the MMS report. The National Association of Purchasing Management's report on industrial activity showed that output fell last month. The cold weather through much of the country, though, may have sharply pushed up utility output. Production increased 0.2% in November. Operating rates probably edged up to 83.2%, from 83.1% in November. NEW HOME SALES Wednesday, Jan. 24, 10 a.m. -- New single-family homes likely sold at an annual rate of 660,000 in November, down from a 673,000 pace in October. That's suggested by the already reported 1.7% decline in existing homes for November as well as the recent flat trend in mortgage applications to buy a home.
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