The Business Week Ahead...

A week that has everything starts with personal income & outlays on Monday which will break out December's consumer detail. Pending home sales follow mid-morning Monday in what will be a key indication for the still struggling resale market. Inflation is Tuesday's theme led off by the employment cost index, which has been showing pressure, and Case-Shiller home-price data which have not. Inflation expectations follow later Tuesday with consumer confidence where a leveling of post-election spirits is expected. The FOMC is Wednesday's highlight but is not expected to result in any action. Starting off Wednesday will be ADP's employment estimate and the ISM manufacturing report, both of which are expected to show strength. Winding up Wednesday will be unit vehicle sales for January which are expected to slow from their very strong December pace. Thursday looks light with productivity expected to be soft and costs expected to rise, while Friday is very heavy led by January employment, where strength is expected and where, importantly, minimum wage pressure is a wildcard for average hourly earnings. Factory orders and the ISM non-manufacturing report follow on Friday. If the data come in as expected, the week will point to a solid opening for the first quarter.