The Week Ahead

PERSONAL INCOME
      Monday, Feb. 3, 8:30 a.m.EST  -- Personal income likely jumped 0.7% in 
      December, while spending was up 0.5%. Those are the median forecasts of 
      economists surveyed by MMS International, one of The McGraw-Hill Companies. 
      Both income and spending rose 0.5% in November.
      
      CONSTRUCTION SPENDING
      Monday, Feb. 3, 10 a.m.EST  -- Building outlays likely declined by 0.4% in 
      December, after a huge 1.9% advance in November.
      
      NAPM SURVEY
      Monday, Feb. 3, 10 a.m.EST  -- The National Association of Purchasing 
      Management's index probably dipped to 53.5% in January, from 53.8% in December. 
      A reading above 50% indicates the factory sector is growing.
      
      FOMC MEETING
      Tuesday, Feb. 4  -- The Federal Open Market Committee of the Federal Reserve 
      will meet to set monetary policy. The MMS expectation is that the policymakers 
      will leave short-term interest rates unchanged. The meeting continues on Feb. 5.
      
      LEADING INDICATORS
      Tuesday, Feb. 4, 10 a.m.EST  -- The Conference Board's index of leading 
      indicators likely rose 0.2% in December, on top of a 0.1% increase in November.
      
      FACTORY INVENTORIES
      Wednesday, Feb. 5, 10 a.m.EST  -- Factory inventories probably rose 0.4% in 
      December, the same gain reported in November.
      
      EMPLOYMENT
      Friday, Feb. 7, 8:30 a.m.EST  -- The MMS median forecast calls for a rise of 
      188,000 nonfarm jobs in January. That follows a 262,000 surge in December. The 
      jobless rate probably remained at December's 5.3%.
      
      INSTALLMENT CREDIT
      Friday, Feb. 7, 3 p.m.EST  -- Consumers probably added $6.5 billion in new debt 
      in December, a bit less than the $7.4 billion in new borrowings in November.
      

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