Econ Edge: The Economic Week

Here is a look at this week's economic news calendar:

ALL WEEK

  Another busy week for corporate earnings, with Amazon, Verizon, Boeing, ExxonMobil and GlaxoSmithKline issuing reports, among others.

Monday, July 25

  June Existing Home Sales (10 a.m. ET)

[expected: 7.13M / prior: 7.13M]

In June, existing homes sold at an annual rate of 7.33 million units, an all-time high and an increase of 2.7 percent from the seasonally adjusted sales pace in May, according to a report Monday from the National Association of Realtors.

  EIA Weekly Gas Price Survey (~4:30 p.m. ET)

U.S. drivers had a modest reprieve at the pump as the average gasoline price fell 2.8 cents to $2.289 a gallon, the second weekly decline after hitting a record high earlier this month, the U.S. government's Energy Information Administration (EIA) said Monday. The national average pump price for regular unleaded remains 38.4 cents higher than one year ago, according to a weekly survey of more than 800 service stations by the EIA

Tuesday, July 26

  No significant releases scheduled.

Wednesday, July 27

  June Durable Goods Orders (8:30 a.m. ET)

[expected: -1.0 percent / prior: +5.5 percent]

The Commerce Department reported Wednesday that demand for durable goods grew by 1.4 percent last month to total $215.4 billion. It was the third straight month that manufacturers have seen orders increase following three consecutive declines at the beginning of the year that had raised worries about the health of manufacturing. Private economists had been forecasting a decline of around 1 percent.

  June New Home Sales (10 a.m. ET)

[expected: 1.300M / prior: 1.298M]

New homes sold at an annual pace of 1.374 million units, up 4 percent from May's 1.321 million pace. The median price for a new home now stands at $214,800. Economists say historically low mortgage rates are sustaining the red-hot housing market.

  Fed Beige Book (2 p.m. ET)

The Federal Reserve's latest regional economic round-up finds a bounce-back after a soft patch in the spring. The Beige Book survey tells of general improvement with inflation generally contained, despite surging gasoline prices. The survey is in line with comments from Fed Chairman Alan Greenspan last week when he delivered the central bank's mid-year economic outlook to Congress.

Thursday, July 28

  No significant releases scheduled.

Friday, July 29

  Q2 Gross Domestic Product Growth (8:30 a.m. ET)

[expected: 3.5 percent / prior: 3.8 percent]

A government report out this morning shows that the U.S. economy grew at an annual pace of 3.4 percent during the April -- June timeframe. The first quarter saw growth at 3.8 percent. Today's report shows the economy growing at a solid pace and slightly below the 3.5 percent consensus estimate of economists. This is the first of three reports on the second quarter and will likely see revisions in the coming months.

  July Chicago Purchasing Managers Index (10 a.m. ET)

[expected: 55.0 / prior: 53.6]

The National Association of Purchasing Management-Chicago's index rose to 63.5 in July, well above the median forecast for 55.5.

Some information compiled from wire services.