Here is a look at this week's economic news calendar:
[Income: expected: +0.4 percent / prior: -0.1 percent]
[Spending: expected: +0.5 percent / prior: -0.5 percent]
U.S. consumer spending rose 0.5 percent last month as post-hurricane insurance payments led to the biggest jump in income in 10 months, a government report showed Monday. Personal income jumped 1.7 percent, the biggest rise since December 2004, as insurance payments in the wake of hurricanes Katrina and Rita rose at a $120 billion annual rate, the Commerce Department said.
[expected: 57.2 / prior: 60.5]
the Chicago Purchasing Managers' Index climbed to 62.9 from September's reading of 60.5. Economists had beene expecting a decline.
The Energy Department reports that the average price of a gallon of unleaded gasoline fell by 12 cents to $2.48. That is well below the pre-Katrina price of $2.61, but still 22 percent above the price of gasoline one year ago.
[expected: +0.6 percent / prior: +0.4 percent]
The Commerce Department said construction activity rose 0.5 percent to an all-time high of $1.12 trillion at a seasonally adjusted annual rate in September as builders took advantage of interest rates that are still low by historical standards.
[expected: 57.0 / prior: 59.4]
The Institute for Supply Management said its manufacturing index was at 59.1 percent last month, down from September's 59.4 percent.
[Rate at 3.75 percent / expect a 0.25 percent increase]
The Federal Reserve's Open Market Committee (FOMC) voted to increase a key interest rate by a quarter-point, to 4 percent. This is the 12th rate increase since June 2004 and brings the "fed funds" rate to its highest point since June 2001.
The federal Energy Information Administration said Wednesday that U.S. crude inventories rose by 2.7 million barrels to 319.1 million barrels, or 12 percent above year ago levels. Gasoline inventories grew by 1 million barrels to 196.9 million barrels, or 3 percent below year-ago levels.
[expected: +2.3 percent / prior: +1.8 percent]
The government said the nation's productivity during the third quarter shot up 4.1 percent; much better than the expected 2.3 percent jump most economists had been betting on.
[expected: +0.0 percent / prior: +2.5 percent]
The Commerce Department said that orders to U.S. factories fell by a bigger-than-expected 1.7 percent in September, with part of the weakness stemming from hurricane-related shutdowns of energy facilities along the Gulf Coast.
[expected: 57.0 / prior: 53.3]
The Institute for Supply Management's services index rose to 60 in October, up from 53.3 in September and three points better than economists had forecast.
[expected: +125,000 jobs and 5.1 percent unemployment / prior: -35,000 jobs and 5.1 percent unemployment]
The Labor Department said America's payrolls grew by a rather tepid 56,000 in October, a sign that the nation's job market is slowly regaining its footing after the beaten administered to the Gulf Coast area by Hurricane Katrina. The unemployment rate dipped to 5 percent of the labor force.
Some information compiled from wire services.