The Week Ahead
HUMPHREY-HAWKINS TESTIMONY 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. TREASURY BUDGET 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 1996. UNEMPLOYMENT CLAIMS 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. DURABLE-GOODS ORDERS 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. EXISTING HOME SALES 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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