Econ Edge: The Economic Week

By
DAN ARNALL
January 10, 2007, 9:36 AM ET
2 min read

Jan. 8, 2006 — -- Here is a look at the upcoming economic news calendar:

Monday, Jan. 8

[expected: +$5.5 billion / prior: -$1.2 billion]

The Federal Reserve said Monday that borrowing rose at an annual rate of 6.2 percent in November, the biggest increase since a 6.8 percent rise in August. Borrowing had fallen at a 0.6 percent rate in October, which had been the biggest one-month decline in 14 years.

The Energy Department says that the price of a gallon of gasoline has fallen by three cents in the past week -- the largest weekly drop in prices since mid-October. Government figures show that the average gallon of regular unleaded gasoline is now priced at $2.31. That the second weekly drop in prices and brings the average 1% below its level from a year ago ($2.33).

Tuesday, Jan. 9

[prior: -3 / trend: down for two weeks]

Consumer confidence is off to a shaky start in 2007, dropping from the 2006 high it reached in mid-December. It's at its lowest this week since Oct. 22. The ABC News/Washington Post Consumer Comfort Index stands at -5 on its scale of +100 to -100, down from +1 three weeks ago. That's still better than its 2006 average, -10, and its recent low, -19, in August as gasoline prices spiked.

Wednesday, Jan. 10

[expected: -$59.5 billion / prior: -$58.9 billion]

The U.S. Commerce Department's trade balance report showed that the U.S. trade deficit unexpectedly narrowed in November to its lowest level since July 2005 and the Mortgage Bankers Association reporting mortgage applications shot up in the first week of 2007.

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, Jan. 11

Friday, Jan. 12

[expected: +0.7 percent / prior: +1.0 percent]

Are consumers buying things? This is the official government report that often reflects the chain store sales reports released a week before. Last month saw a big jump that surprised most analysts -- they'd been looking for a more tepid 0.2 percent increase. Economists say heavy discounting for the Black Friday weekend moved the measure up substantially more than expected.

Some information was compiled from wire services.