The Week Ahead

      Tuesday, July 22  Copyright  Federal Reserve Chairman Alan Greenspan will 
      appear before the House Banking Committee to testify on current monetary policy 
      and present the Fed's central-tendency forecast for economic growth, inflation, 
      and unemployment. Greenspan is scheduled to give his Humphrey-Hawkins testimony 
      before the Senate on July 23.
      Tuesday, July 22, 2 p.m.EDT  Copyright  The Treasury Dept. is likely to report 
      a budget surplus of $45.2 billion in June when quarterly tax payments are made. 
      That's the median forecast of economists surveyed by MMS International, one of 
      The McGraw-Hill Companies. The expected June surplus would push down the 
      deficit thus far in fiscal 1997 to just $20 billion, compared with $74 billion 
      in the first nine months of fiscal 1996. The surplus in June, 1996, was $34.3 
      billion. Thanks in large part to record tax payments, Washington's budget gap 
      is expected to shrink to about $70 billion in 1997, vs. $107 billion in fiscal 
      Thursday, July 24, 8:30 a.m.EDT  Copyright  Initial claims for state 
      unemployment benefits likely fell back to about 340,000 for the week ended July 
      19. Claims shot up by 40,000, to 377,000, in the week of July 5. Layoffs 
      because of model changeovers in the auto industry contributed to the jump.
      Friday, July 25, 8:30 a.m.EDT  Copyright  The MMS survey forecasts that new 
      durable-goods orders increased by 0.8% in June, recouping the 0.7% drop of May.
      Friday, July 25, 10 a.m.EDT  Copyright  Existing homes probably sold at an 
      annual rate of 4.16 million in June, says the MMS report. In May, resales 
      increased 4.4% to 4.24 million. Housing demand has held up well this year, 
      thanks to growing incomes and high consumer confidence in the economy's future.

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