Schedule for Week of December 13, 2020

The key economic reports this week are November Retail Sales and Housing Starts.

For manufacturing, November Industrial Production, and the December New York, Philly and Kansas City Fed surveys, will be released this week.

The FOMC meets this week, and no change to rate policy is expected.

—– Monday, Dec 14th —–

No major economic releases scheduled.

—– Tuesday, Dec 15th —–

8:30 AM: The New York Fed Empire State manufacturing survey for December. The consensus is for a reading of 6.8, up from 6.3.

Industrial Production9:15 AM: The Fed will release Industrial Production and Capacity Utilization for November.

This graph shows industrial production since 1967.

The consensus is for a 0.3% increase in Industrial Production, and for Capacity Utilization to increase to 72.9%.

—– Wednesday, Dec 16th —–

7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

Year-over-year change in Retail Sales8:30 AM ET: Retail sales for November will be released.  The consensus is for a 0.3% decrease in retail sales.

This graph shows the year-over-year change in retail sales and food service (ex-gasoline) since 1993. Retail and Food service sales, ex-gasoline, increased by 7.1% on a YoY basis.

10:00 AM: The December NAHB homebuilder survey. The consensus is for a reading of  88, down from 90. Any number above 50 indicates that more builders view sales conditions as good than poor.

During the day: The AIA’s Architecture Billings Index for November (a leading indicator for commercial real estate).

2:00 PM: FOMC Meeting Announcement. No change to rate policy is expected at this meeting.

2:00 PM: FOMC Forecasts This will include the Federal Open Market Committee (FOMC) participants’ projections of the appropriate target federal funds rate along with the quarterly economic projections.

2:30 PM: Fed Chair Jerome Powell holds a press briefing following the FOMC announcement.

—– Thursday, Dec 17th —–

8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for 815,000 initial claims, down from 853,000 last week.

Total Housing Starts and Single Family Housing Starts8:30 AM: Housing Starts for November.

This graph shows single and total housing starts since 1968.

The consensus is for 1.530 million SAAR, unchanged from 1.530 million SAAR.

8:30 AM: the Philly Fed manufacturing survey for December. The consensus is for a reading of 19.0, down from 26.3.

11:00 AM: the Kansas City Fed manufacturing survey for December.

—– Friday, Dec 18th —–

10:00 AM: State Employment and Unemployment (Monthly) for November

4:30 PM: the Federal Reserve is expected to release the Bank Stress Test Results