The Week Ahead

BUSINESS INVENTORIES
      Monday, July 15, 10 a.m.edt -- Inventories held by manufacturers, wholesalers, 
      and retailers likely edged up by 0.1% in May, says the median forecast of 
      economists surveyed by MMS International, one of The McGraw-Hill Companies. 
      Business inventories may have declined, however, because factories and 
      wholesalers have already reported declines in their May stock levels. Total 
      inventories rose 0.4% in April.
      
      CONSUMER PRICE INDEX
      Tuesday, July 16, 8:30 a.m.edt -- Consumer prices probably rose 0.2% in June, 
      after May's 0.3% gain. Higher tobacco prices contributed to the increase. 
      Excluding food and energy, prices likely rose 0.2% in June, the same small 
      increase as in May.
      
      INDUSTRIAL PRODUCTION
      Tuesday, July 16, 9:15 a.m.edt -- Industrial output probably increased 0.4% in 
      June, on top of a 0.7% jump in May, says the MMS survey. That's suggested by 
      the increase in the factory workweek. The average operating rate for all 
      industry likely rose to 83.3% in June from 83.2%.
      
      HOUSING STARTS
      Wednesday, July 17, 8:30 a.m.edt -- Housing starts in June probably stood at an 
      annual rate of 1.45 million, up from a 1.43 million pace in May. Housing demand 
      remains strong despite the one-percentage-point rise in fixed mortgage rates.
      
      INTERNATIONAL TRADE
      Thursday, July 18, 8:30 a.m.edt -- The foreign trade deficit of goods and 
      services likely narrowed to $8.1 billion in May, from $8.6 billion in April. 
      After rising 1% in April, exports were probably flat, while imports, up 1.7%, 
      likely fell slightly in May.
      
      HUMPHREY-HAWKINS TESTIMONY
      Thursday, July 18 -- Federal Reserve Chairman Alan Greenspan will testify on 
      future monetary policy and the current state of the economy before the Senate 
      Banking Committee.
      

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