The key economic report this week is the October trade deficit.

----- Monday, December 5th -----
10:00 AM: the ISM Services Index for November.

----- Tuesday, December 6th -----
8:00 AM: Corelogic House Price index for October.

8:30 AM: Trade Balance report for October from the Census Bureau.

This graph shows the U.S. trade deficit, with and without petroleum, through the most recent report. The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.

The consensus is the trade deficit to be $79.1 billion.  The U.S. trade deficit was at $73.3 billion in September.

----- Wednesday, December 7th -----
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

----- Thursday, December 8th -----
8:30 AM: The initial weekly unemployment claims report will be released.  The consensus is for 230 thousand initial claims, up from 225 thousand last week.

----- Friday, December 9th -----
8:30 AM: The Producer Price Index for November from the BLS. The consensus is for a 0.3% increase in PPI, and a 0.2% increase in core PPI.

12:00 PM: Q3 Flow of Funds Accounts of the United States from the Federal Reserve.

10:00 AM: University of Michigan's Consumer sentiment index (Preliminary for December).