The Week Ahead
EMPLOYMENT COST INDEX Tuesday, July 29, 8:30 a.m.EDT -- Wages and benefits likely rose 0.8% in the second quarter, says the median forecast of economists polled by MMS International, one of The McGraw-Hill Companies. Labor costs rose a subdued 0.6% in the first quarter. CONSUMER CONFIDENCE Tuesday, July 29, 10 a.m.EDT -- The Conference Board's index of consumer confidence likely rose to 130 in July, after rising to a 28-year high of 129.6 in June. SINGLE-FAMILY HOME SALES Wednesday, July 30, 10 a.m.EDT -- New single-family home sales probably fell to an annual rate of 815,000 in June, after surging 7.1% in May, to a rate of 825,000. GROSS DOMESTIC PRODUCT Thursday, July 31, 8:30 a.m.EDT -- The MMS survey expects that real gross domestic product grew at an annual rate of 1.8% in the second quarter, after surging 5.9% in the first. Consumer spending led a slowdown in final demand, but inventory accumulation remained hefty last quarter. EMPLOYMENT Friday, Aug. 1, 8:30 a.m.EDT -- Nonfarm payrolls likely grew by 200,000 in July, after rising 217,000 in June, says the MMS report. However, the total may be lower because summer school closings, which should have been captured in the June data, were not. So educational payrolls likely dropped in July. The unemployment rate probably remained at 5%. PERSONAL INCOME Friday, Aug 1, 8:30 a.m.EDT -- Personal income and consumer spending each probably increased by 0.4% in June. Both income and spending rose by 0.3% in May. NAPM SURVEY Friday, Aug. 1, 10 a.m.EDT -- The National Association of Purchasing Management's business index likely edged up slightly, to 56% in July, from 55.7% in June.
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