Looking Ahead: Week of December 25 to December 29
Market News International compiles a market consensus that surveys 15 - 20 economists each week.

Wednesday
Economists are predicting that the index of leading indicators will edge down 0.2 percent in November matching the October drop. This index has trended lower for several months, suggesting downward momentum in the economy, although not necessarily a recession. (Forecast range: -0.2 to -0.3 percent)

Thursday
Market participants are expecting new jobless claims to edge up 1,000 in the week ended December 23 from last week's 354,000 level. (Forecast range: -4,000 to +6,000)

The consensus forecast is calling for consumer confidence to record a drop in December to a level of 129 from a level of 133.5 in November. This confirms the drop already posted in the University of Michigan's consumer sentiment index for the same period. (Forecast range: 115.0 to 132.7)

Existing home sales are predicted to rise 1.8 percent in November to a 5.05 million-unit rate after declining in the past few months. This doesn't reflect renewed vigor in the housing market, but natural monthly fluctuations in the series. (Forecast range: 4.85 to 5.20 million units)

Friday
The Chicago purchasing managers survey is expected to increase modestly in December to 43 percent from a level of 41.7 percent in November. This reflects some improvement in the auto sector where sharp layoffs occurred in the previous month. Aside from the strong auto sector, the Chicago index generally moves in the same direction as the NAPM survey, which reflects national manufacturing activity. (Forecast range: 41 to 44)

Looking ahead to week ending January 5
Early estimates show a consensus forecast of 110,000 for nonfarm payrolls for the month of December. This would be a slight improvement over the November payroll gain of 94,000. The preliminary consensus forecast is also looking for the jobless rate to tick higher to 4.1 percent (from 4 percent in November.)