Econ Edge: The Economic Week

By
DAN ARNALL
October 25, 2006, 12:41 PM ET
2 min read

Oct. 23, 2006 — -- Here is a look at this week's economic news calendar:

Monday, Oct. 23

The Energy Department reports that the national average price of gasoline went down for the eleventh week in a row. It now costs about $2.21 to buy a gallon of regular unleaded fuel in the United States. That's two cents lower than the level from a week ago. Prices have fallen 83 cents (down 27 percent) since mid-August. Gasoline is now 15 percent below its level from a year ago ($2.61).

Tuesday, Oct. 24

[prior: -7 / trend: two weeks of improvement]

The latest ABC News/Washington Post Consumer Comfort Index stands at -7 on its scale of +100 to -100, unchanged from last week to match its best of the year. The index is up eight points since mid-September, and 12 points since matching its worst level of the year on Aug. 27. Gas prices have dropped 64 cents in that time.

Wednesday, Oct. 25

[expected: 6.25 million / prior: 6.30 million]

The National Association of Realtors reported that sales of previously owned homes fell by 1.9 percent in September to a seasonally adjusted sales pace of 6.18 million units, the slowest sales rate since January 2004.

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.

[Rate at 5.25 percent / expect a continuation of the Fed's pause; no action]

Since June, interest rate hikes have been on hold thanks to the predicted slowdown in U.S. economic growth and slowing retail and wholesale price hikes. Most economists are betting that the Federal Reserve's Open Market Committee will continue the trend of no action.

Thursday, Oct. 26

[expected: 1.050 million / prior: 1.050 million]

Measures how many Americans are buying new homes. August saw an unexpected uptick in sales activity of new homes, but the first year-over-year decline in median prices since 2003.

Friday, Oct. 20

[expected: +2.1 percent / prior: +2.6 percent]

July to September 2006. The previous reading was 2.6 percent -- below most economist expectations and well below the previous quarter's red-hot number of 5.6 percent. Economists are betting the third quarter will see overall growth pushing lower still.

Some information was compiled from wire services.