Wednesday: CPI, Industrial Production, NY Fed Manufacturing Survey, Homebuilder Confidence
First on Europe, from the WSJ: Euro Zone Economy Shrinks, Darkening Outlook
Economic activity in the 17-country currency bloc fell at an annualized rate of 0.7% in the second quarter after stagnating in the first three months of 2012, according to data from the European Union’s statistics arm.
And on Greece from the Financial Times: Greece seeks two-year austerity extension
The extension plan calls for a slower adjustment with cuts spread over four years until 2016 … Greece would need additional funding of €20bn
Excerpt with permission
Europe will be a hot topic in September and October (a few key dates here).
• On Wednesday, at 8:30 AM ET, the Consumer Price Index for July will be released. The consensus is for CPI to increase 0.2% in July and for core CPI to increase 0.2%.
• Also at 8:30 AM, the NY Fed Empire Manufacturing Survey for August will be released. The consensus is for a reading of 7.0, down from 7.4 in July (above zero is expansion).
• At 9:15 AM, theThe Fed will release Industrial Production and Capacity Utilization for July. The consensus is for Industrial Production to increase 0.5% in July, and for Capacity Utilization to increase to 79.2%.
• At 10:00 AM, The August NAHB homebuilder survey. The consensus is for a reading of 35, unchanged from 35 in July.
For the August economic prediction contest: