Econ Edge: The Economic Week

Aug. 21, 2006 — -- Here is a look at this week's economic news calendar:

Monday, Aug. 21

The Energy Information Administration releases the best survey of retail gasoline prices. The agency said prices went up 3 cents last week, making the average price $3.04 a gallon. National supplies of gasoline fell by a shocking 3.2 million barrels, and consumer demand remains high, which hints at another week of higher retail prices.

Tuesday, Aug. 22

[prior: -15 / trend: three week downtrend]

Consumer confidence stabilized this week as gas prices posted their biggest one-week drop in nine months. The ABC News/Washington Post Consumer Comfort Index is now at -14 on its scale of +100 to -100, compared with -15 last week. Confidence had fallen six points from mid-July to mid-August amid high pump prices and a weak job market. The average price of a gallon of gasoline dropped 8 cents this week, to $2.92. Prices had been as high as $3.04 cents just two weeks ago, the second-highest nominal price on record.

Wednesday, Aug. 23

[expected: 6.58 million / prior: 6.62 million]

The National Association of Realtors reported Wednesday that sales of existing homes and condominiums dropped by 4.1 percent in July from June to a seasonally adjusted annual rate of 6.33 million. That was the lowest level since January 2004. The median price of a home sold last month was $230,000. That was up just 0.9 percent from the same month last year and marked the smallest year-over-year increase since May 1995.

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.

Thursday, Aug. 24

[expected: +0.0 percent / prior: +2.9 percent]

Orders to U.S. factories for big-ticket manufactured goods fell 2.4 percent in July as demand for aircraft and automobiles weakened.

[expected: 1.100 million / prior: 1.131 million]

Sales of new homes dropped in July by the largest amount since February while the inventory of unsold homes climbed to a record high. Piling on more proof that the housing boom is over, the Commerce Department reported Thursday that new home sales fell by 4.3 percent last month to a seasonally adjusted annual sales pace of 1.072 million units. The decline was the largest since an 11.5 percent plunge in February. The government reported that the median price of a new home was $230,000 in July, down from $233,800 in June and up from $229,200 a year ago.

Friday, Aug. 4

The Fed chairman addresses the annual economic conclave in the Grand Teton National Park hosted by the Kansas City Fed. His topic? Global economic integration.

Some information compiled from wire services.