The Business Week Ahead...

Manufacturing and housing are major themes, both getting a fast start to the week on Monday with both the Empire State and housing market indexes expected to show strength. Industrial production and housing starts follow on Tuesday with strength for both starts and permits expected. Consumer prices are also out on Tuesday and are expected to show some traction, the result of higher oil prices and perhaps rebounds for both housing costs and services. Wednesday's focus will be the FOMC minutes from the April meeting when the committee, citing wide softness, downgraded the strength of the economy. Jobless claims will be Thursday's highlight as initial claims cover the sample week of the May employment report. The Philly Fed will round out the week's factory data on Thursday while existing home sales will round out the housing data on Friday. Strength for both reports are expected.