The Week Ahead

      Monday, July 22, 2 p.m.EDT -- The Treasury Dept. will likely report a budget 
      surplus of $27 billion for June when quarterly corporate and individual tax 
      payments are due. That's according to the median forecast of economists 
      surveyed by MMS International, one of The McGraw-Hill Companies. The expected 
      surplus is more than double the $12.8 billion posted in June, 1995. But a quirk 
      in the calendar last year meant that July social security payments were made in 
      late June. On July 16, the Office of Management & Budget said that the deficit 
      would total $116.8 billion for fiscal 1996, which ends in September, and the 
      Congressional Budget Office put it in the range of $115-$130 billion. The 1995 
      deficit stood at $164 billion.
      Thursday, July 25, 8:30 a.m.EDT -- New orders taken by durable-goods 
      manufacturers likely declined by a small 0.5% in June, forecasts the MMS 
      report. However, the National Association of Purchasing Management has already 
      reported a big gain in its new-orders index for June. Bookings rose a strong 
      3.4% in May.
      Thursday, July 25, 8:30 a.m.EDT -- New filings for state unemployment benefits 
      likely stood at about 340,000 for the week ended July 20. Despite very tight 
      labor markets and good job growth, jobless claims remain high. Filings jumped 
      by 17,000 in the week ended July 6, a surprise gain considering state 
      employment offices were closed on Independence Day.
      EXISTING-HOME SALES Thursday, July 25, 10 a.m.EDT -- Sales of existing homes 
      probably fell to an annual rate of 4.16 million, says the MMS median 
      projection. The housing sector has been resilient throughout 1996. Resales 
      dropped only once this year, slipping 3.9% in January. In May, existing-home 
      sales rose 1.4%, to a 4.26 million pace, the highest level in nearly three 

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