Econ Edge: The Economic Week

Aug. 8, 2005 — -- Here is a look at this week's economic news calendar:

ALL WEEK

Monday, August 8

The Energy Information Administration says the average price for a gallon of regular unleaded gasoline is $2.37 (up $0.08 in the past week). The price is up 26 percent from a year ago.

Tuesday, August 9

[expected: +2.0 percent / prior: +2.9 percent]

A government report out this morning says that worker productivity in the U.S. increased by 2.2 percent during the April to June time period. That's the slowest increase in output per hour -- the standard measure of productivity -- since last summer.

[expected: +0.3 percent / prior: +0.1 percent]

The Commerce Department said inventories at U.S. wholesalers rose 0.7 percent in June, while sales increased 0.6 percent. The inventories-to-sales ratio stayed ata lean 1.19 months' worth.

[Rate at 3.25 percent / expect a 0.25 percent increase]

The Federal Reserve's Open Market Committee hiked a key interest rate by a quarter-point to 3.5 percent this afternoon. It's the tenth time since June 2004 that the Fed has raised rates.

Wednesday, August 10

Thursday, August 11

[expected: +1.0 percent / prior: +1.7 percent]

The Commerce Department reported this morning that sales of goods at the retail level went up 1.8 percent last month, pushed higher by automakers' "employee discount" sales incentives. The consensus of economists were expecting a 2 percent increase in sales from last month.

Friday, August 12

[expected: -$57.1 billion / prior: -$55.3 billion]

The Commerce Department released a report this morning which shows that the U.S. trade deficit shot up 6.1 percent in June. According to the report, the U.S. saw a deficit of $58.8 billion with her international trading partners during the month. The number is bigger that expected, as economists were betting on a deficit of $57.1 billion

Some information compiled from wire services.