Econ Edge: The Economic Week

By
DAN ARNALL
December 26, 2006, 7:37 PM ET
2 min read

Dec. 22, 2006 — -- Here is a look at the upcoming economic news calendar:

Monday, Dec. 25

Christmas Day is the most important retail holiday of the year in the United States. Millions of Americans have spent the past months trolling the stores in the nation's 48,695 malls and shopping centers looking for the perfect gifts for their loved ones. Residents of several cities live in the holiday spirit year-round, thanks to the names of their hometowns: North Pole, Alaska (population 1,778 in 2005); Santa Claus, Ind. (2,283); Santa Claus, Ga. (242); Noel, Mo. (1,515); are among the spirit-infused villages in the United States.

Tuesday, Dec. 26

The Energy Information Administration releases the best (and only ABC News Polling Unit approved) survey of retail gasoline prices. The agency said prices went up by 3 cents last week, making the average price $2.32 a gallon. Prices will likely continue to vacillate.

[prior: +1 / trend: unchanged from the previous week]

The ABC News Polling Unit issues its weekly look at consumer sentiment in the United States. Consumer confidence was essentially unchanged in the last month. It's come a long way since summer, soaring from -19 in August to +1 in mid November, then stabilizing. The CCI has averaged -10 so far this year -- on track to be its best annual average since 2001, thanks in large part to its extraordinary rally the last few months.

Wednesday, Dec. 27

[expected: 1.015M / prior: 1.004M]

Measures how many Americans are buying new homes. Last month sales fell 3.2 percent, down by more than 25 percent in the past year. Builders have recently cut back on groundbreakings, hoping to bring the national supply of new homes on the market down to a level at which prices will stabilize.

Thursday, Dec. 28

[expected: 6.15M / prior: 6.24M]

The broadest measure of strength in the housing market. Realtors tell us if people are buying homes for resale. Last month saw an increase in the sales volume -- the first time in eight months -- but it came after sellers cut prices big time. The median price of a pre-owned home was down 3.5 percent for the year. Experts expect to see continued price drops for November and December.

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.

Friday, Dec. 29

Some information was compiled from wire services.