The Week Ahead

CONSUMER PRICE INDEX
      Tuesday, June 17, 8:30 a.m.EDT -- Consumer prices of all goods and services 
      likely rose 0.2% in May, says the median forecast of economists surveyed by MMS 
      International, one of The McGraw-Hill Companies. Excluding food and energy, 
      core prices are also expected to have risen by 0.2%. In April, the total CPI 
      edged up just 0.1%, but core prices were up 0.3%.
      
      HOUSING STARTS
      Tuesday, June 17, 8:30 a.m.EDT -- Housing starts probably stood at an annual 
      rate of 1.45 million in May, says the MMS survey. If so, the rate would be down 
      slightly from 1.47 million in April.
      
      INDUSTRIAL PRODUCTION
      Tuesday, June 17, 9:15 a.m.EDT -- Output at factories, mines, and utilities 
      probably increased a small 0.2% in May, after no change in April. The average 
      operating rate for all industry likely was unchanged in May at April's 83.4% 
      reading.
      
      BEIGE BOOK
      Wednesday, June 18, 2 p.m.EDT -- The Federal Reserve will issue its roundup of 
      economic activity reported by its 12 district banks. Economists will be 
      interested in anecdotal reports of resurging demand. The Beige Book is 
      published in advance of each Fed policy meeting. The next meeting is scheduled 
      for July 1-2.
      
      INTERNATIONAL TRADE
      Thursday, June 19, 8:30 a.m.EDT -- The MMS survey expects that the trade 
      deficit for goods and services widened to $10 billion in April, after a steep 
      narrowing in March, to $8.5 billion. Exports, which surged 4.1% in March, are 
      expected to fall back a bit, while imports, up only 1.1% in March, likely rose 
      further in April.
      
      FEDERAL BUDGET
      Friday, June 20, 2 p.m.EDT -- The Treasury Dept. will probably announce a 
      monthly deficit of $49 billion for May. That would be smaller than the $53.1 
      billion deficit of May, 1996. Washington reported a record surplus of $93.9 
      billion in April.
      
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