Econ Edge: The Economic Week
June 5, 2006 — -- Here is a look at this week's economic news calendar:
Monday, June 12
The Energy Department released figures today showing a one penny increase in the price of the average price of gasoline nationwide. The average gallon of regular unleaded fuel costs $2.91. The price is 36 percent higher than the average price a year ago ($2.13).
As the markets look for any hints as to what the Fed might do next, Federal Reserve Chairman Ben Bernanke takes to the stage at Georgetown University to give a speech. The topic is bank supervision.
Tuesday, June 13
[expected: +0.5 percent / prior: +0.9 percent]
The Labor Department reported Tuesday that its Producer Price Index, which measures inflation pressures before they reach the consumer, was up just 0.2 percent last month, even better than the0.4 percent rise that many economists had been expecting. The improvement reflected the fact that energy prices rose by just 0.4 percent after a 4 percent jump in April, and food prices actually fell by 0.5 percent.
[expected: +0.1 percent / prior: +0.5 percent]
The Commerce Department reported that retail sales edged up just 0.1 percent in May, reflecting weak auto sales. Excluding autos, retail sales were up 0.5 percent, but much of that strength came from a jump in gasoline prices.
Fed Chairman Ben Bernanke's remarks at the Library of Congress didn't contain a single hint on the Fed's thoughts on inflation, instead focusing on what the Fed, government and private sector can do to get lower income Americans to take advantage of the financial system.
[prior: -17 / trend: slight improvement last week]
Consumer confidence has edged up from its low for the year, but it remains worse than usual in a time of continued mixed economic indicators. The ABC News/Washington Post Consumer Comfort Index stands this week at -15 on its scale of +100 to -100, up modestly from its 2006 low of -19 three weeks ago. It's still well below its 2006 high, -7 (last seen in April), and also off its 20-year average, -9.
Wednesday, June 14
[expected: +0.4 percent / prior: +0.6 percent]
The Labor Department reported Wednesday that its Consumer Price Index rose 0.4 percent in May after an even bigger 0.6 percent rise in April. Gasoline prices jumped by 4.9 percent and have beensoaring this year at an annual rate of 69.4 percent, as motorists contend with pump prices above $3 per gallon in many parts of the country. Excluding energy and food, core inflation rose by alarger-than-expected 0.3 percent.
This weekly report shows the nation's stockpiles of key energy supplies of crude and all its derivatives. The government also releases information showing consumer demand.
A regional report on the state of the economy from each of the 12 Federal Reserve Banks. This book will cover the country's economic condition since the end of April.
Thursday, June 15
[expected: +0.2 percent / prior: +0.8 percent]
A key metric for America's manufacturing health. Last month saw better than expected output from America's factory. The Fed watches this report closely as an indicator of inflationary pressure.
Today finds the nation's top banker talking to the Economic Club of Chicago about energy during a luncheon at the Hilton and Towers in the Windy City. We'll have seen both inflation reports for the week and the Fed Beige Book, so the markets will be watching closely for any hint that the Fed is going to pause or continue hiking rates at the end of the month.
Friday, June 9
Some information compiled from wire services.