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Preview / WEEK OF JULY 9-15

Retail Sales Expected to Have Risen 0.3%

July 09, 2001|Bloomberg News

Economists expect sales at the nation's retailers to have risen 0.3% in June, after rising 0.1% a month earlier, when the Commerce Department releases its retail sales report Friday.

Rising "confidence helps explain the continued strength in consumer spending," which accounts for two-thirds of the economy, said Steven Wood, chief economist at FinancialOxygen Inc. in Walnut Creek, Calif.

The University of Michigan's index of consumer sentiment, also to be released Friday, is forecast to rise in July to the second-highest level this year. The index probably increased to 93 for July, compared with a June reading of 92.6, analysts said.

Also on Friday, the Labor Department will report on the producer price index for June. Excluding often volatile food and energy costs, the core rate probably rose 0.1% following a 0.2% gain in May.

Other economic reports this week:

* Today, the Federal Reserve will issue a report on consumer credit in May.

* Tuesday, the Commerce Department will report on inventories at wholesalers in May.

* Thursday, the Commerce Department will report on import prices in June.

* Thursday, the Labor Department will report on jobless claims in the week ended Saturday.

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