The Week Ahead

      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.
      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%.
      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.
      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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