The Business News Week Ahead

A very heavy week of data will touch all the major bases beginning on Monday with manufacturing and a November update from the ISM which cooled noticeably in the prior report for October. Tuesday gets an update on consumer spending with unit vehicle sales for November with the focus turning on Wednesday to the service sector and ISM's non-manufacturing report for November which in October held near record levels. Wednesday morning will also highlight the latest from Fed Chair Jerome Powell who, after dovish comments in the prior week, will be testifying before Congress's joint economic committee where his views on the economy and outlook for monetary policy could once again have outsized effects on the financial markets. The Beige Book will be published on Wednesday afternoon and though it has consistently understated the strength of the FOMC's economic assessments it will, like Powell's testimony, offer a reminder of this month's pending event -- the still expected rate hike at the mid-month FOMC. The nation's trade deficit, which has been deepening sharply in recent months, will be Thursday's focus and forecasters aren't looking for any improvement. The week culminates on Friday with the November employment where payroll growth is expected to cool but not average hourly earnings which are expected to show increasing pressure.