Weekly Schedule

The key economic reports this week are June Housing Starts and Retail Sales.

For manufacturing, June industrial production, and the July New York and Philly Fed surveys, will be released this week.

Fed Chair Jerome Powell will testify on the semiannual Monetary Policy Report to the Congress

----- Monday, July 16th -----

Year-over-year change in Retail Sales8:30 AM ET: Retail sales for June will be released.  The consensus is for a 0.6% increase in retail sales.

This graph shows the year-over-year change in retail sales and food service (ex-gasoline) since 1993. Retail and Food service sales, ex-gasoline, increased by 4.9% on a YoY basis.

8:30 AM ET: The New York Fed Empire State manufacturing survey for July. The consensus is for a reading of 21.0, down from 25.0.

----- Tuesday, July 17th -----

Industrial Production9:15 AM: The Fed will release Industrial Production and Capacity Utilization for June.

This graph shows industrial production since 1967.

The consensus is for a 0.6% increase in Industrial Production, and for Capacity Utilization to increase to 78.3%.

10:00 AM: The July NAHB homebuilder survey. The consensus is for a reading of  69, up from 68 in June. Any number above 50 indicates that more builders view sales conditions as good than poor.

10:00 AM: Testimony, Fed Chair Jerome Powell, Semiannual Monetary Policy Report to the Congress, Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate

----- Wednesday, July 18th -----

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

Total Housing Starts and Single Family Housing Starts8:30 AM: Housing Starts for June.

This graph shows single and total housing starts since 1968.

The consensus is for 1.320 million SAAR, down from 1.350 million SAAR in May.

During the day: The AIA's Architecture Billings Index for June (a leading indicator for commercial real estate).

10:00 AM: Testimony, Fed Chair Jerome Powell, Semiannual Monetary Policy Report to the Congress, Before the Committee on Financial Services, U.S. House of Representatives

2:00 PM: the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.

----- Thursday, July 19th -----

8:30 AM: The initial weekly unemployment claims report will be released.  The consensus is for 220 thousand initial claims, up from 214 thousand the previous week.

8:30 AM: the Philly Fed manufacturing survey for July. The consensus is for a reading of 22.0, up from 19.9.

----- Friday, July 20th -----

10:00 AM: State Employment and Unemployment (Monthly) for June 2018