Econ Edge: The Economic Week

Dec. 5, 2005 — -- Here is a look at this week's economic news calendar:

Monday, Dec. 5

[expected: 59.3 / prior: 60.0]

The nation's service sector grew in November, but at a less-robust pace than in October and slightly slower than analysts expected, the Institute for Supply Management said Monday. The ISM said its index of nonmanufacturing activity dropped to 58.5 in November from 60 the month before. TheNovember reading was slightly below the 59 reading analysts had expected.

The Energy Department says that gasoline prices have stabilized during the past week, dropping less than a penny. The average price for a gallon of regular unleaded gasoline stayed at $2.15, more than 12 percent above the average price a year ago ($1.91).

Tuesday, Dec. 6

[expected: +4.2 percent / prior: +4.1 percent]

The Bureau of Labor Statistics released a report this morning showing that productivity went up much more than initially expected during the July to September time period. Today's numbers show productivity improved at an annual rate of 4.7 percent; the fastest pace in two years. The report also shows that labor costs fell (by 1 percent) during the third quarter.

[expected: +1.5 percent / prior: -1.7 percent]

Orders to U-S factories posted a strong showing in October. The Commerce Department says demand for manufactured goods rose two-point-two percent, more than erasing a decline in the previous month. Excluding volatile transportation orders, factory orders were up six-tenths of one percent.

Wednesday, Dec. 7

In its weekly petroleum supply report, the Energy Department said U.S. inventories of crude oil grew last week by 2.7 million barrels to 320.3 million barrels, or 11 percent above last year. Inventories of distillate fuel, such as heating oil and diesel, rose by 2.7 million barrels to 130.6 million barrels, or about 6 percent higher than last year. Gasoline inventories rose by 2.7 million barrels to 202.6 million barrels, or 4 percent below last year.

[expected: +$5.7 billion / prior: -$0.1 billion]

This report offers a good look at how much consumers are borrowing to spend. The Fed's report includes credit card debt and loans for such items as boats, cars and mobile homes. Saw one of only four declines in consumer credit spending since 1998.

Thursday, Dec. 8

Friday, Dec. 2

[expected: +0.4 percent / prior: +0.6 percent]

The Commerce Department on Friday said merchant wholesaler's inventories rose by a smaller than expected 0.2 percent in October while sales rose by 1.2 percent. The inventory to sales ratio fell toa record low.

Some information compiled from wire services.