The Business Week Ahead...

Two early indications on August lead the week off on Monday with the Empire State manufacturing index and the housing market index, neither of which however are expected to show much strength. But industrial production on Tuesday is expected to show some strength, at least at the headline level though expectations for the manufacturing component are modest. Also out on Tuesday are housing starts and permits which are expected to extend their long trend of uneven gains, and also July consumer prices which will follow the surprising weakness in July producer prices. FOMC minutes from July's not-so-dovish meeting will be Wednesday's main news with details on the labor market assessment of special interest. Thursday's data on initial jobless claims will track the sample week of the monthly employment report and will offer early indications on what to expect for August payrolls. Thursday's index of leading economic indicators and the Philadelphia Fed manufacturing index will wind up the week and both are expected to come in soft.