Econ Edge: The Economic Week
Jan. 22, 2006 — -- Here is a look at the upcoming economic news calendar:
Monday, Jan. 22
The government says the average gallon of regular unleaded gasoline is going for 6 cents less than it did a week ago: $2.17. This marks the fourth weekly dip in gas prices (every week during 2007) and means prices are 18 cents lower than they were at the beginning of the year. That's an 8 percent drop. Prices are 7 percent lower than they were a year ago ($2.34).
Tuesday, Jan. 23
[prior: -2 / trend: one week rebound]
Consumer confidence is higher now than it was a year ago, but the change has done nothing to improve President Bush's approval rating. The ABC News/Washington Post Consumer Comfort Index stands at -3 on its scale of +100 to -100, about the same as last week. It was at -9 just ahead of last year's State of the Union address and reached a low of -19 as recently as last August.
Wednesday, Jan. 24
ConocoPhillips, the No. 3 U.S. oil company, said on Wednesday fourth-quarter earnings fell on lower gas prices and worldwide refining margins, but beat recently reduced Wall Street expectations. The company also said it expects lower oil and gas production in the first quarter than in the fourth quarter. Net income in the quarter dropped to $3.20 billion, or $1.91 a share, from $3.68 billion, or $2.61 a share, last year.
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. 25
[expected: 6.30 million / prior: 6.28 million]
The broadest measure of strength in the housing market. Realtors tell us if people are buying homes for resale. Last month saw the second monthly increase in sales volume in a row. But the trend is coming at a price -- sellers were getting 3.1 percent less for their homes than the same time a year ago. This month's report gives the final numbers for 2006, and the sales pace will likely be significantly below the record-setting 2005 pace, with prices below a year ago.
Friday, Jan. 26
[expected: 1.050 million / prior: 1.047 million]
Measures how many Americans are buying new homes. Last month saw sales of new homes rebounding more than analysts expected and prices were stable from the same period a year ago. One thing analysts say is that this report doesn't capture the value of incentives that builders are having to offer to move homes. Builders say the rebound isn't yet signaling a "turnaround" for the market. The only thing that will accomplish that is a reduction in the inventory of homes for sale.
Some information was compiled from wire services.