Looking Ahead: Week of July 22 to July 26
Market News International surveys between 15 and 20 Wall Street economists each week for their forecasts of economic indicators.

Thursday
Economists are predicting that new jobless claims will rise 6,000 in the week ended July 20 from last week's level of 379,000. Generally, economists associate levels below 400,000 as consistent with moderate gains in nonfarm payrolls. (Forecast range: -9,000 to +11,000)

The market consensus shows that new orders of durable goods are expected to rise 0.6 percent in June after rising 0.9 percent in May. Gains are modest, but trending higher over the past several months. (Forecast range: -1.0 to +1.3 percent)

The employment cost index is predicted to rise 0.8 percent in the second quarter, matching the first quarter pace. Economists are looking for a smaller rise in the wage & salary component than in the benefits component. (Forecast range: 0.7 to 1.3 percent)

Economists are looking for existing single family home sales to edged down slightly in June to a 5.7 million unit rate, from May's 5.75 million unit pace. Even with the expected decline, the overall pace of home sales remains robust as consumers benefit from low mortgage rates. (Forecast range: 5.50 to 5.90 million unit rate)

New single family home sales are predicted to drop 5.2 percent in June to a 975,000 unit rate from a 1.03 million unit pace in May. The May home sales level was a new peak for the history of the series that began in 1963! Low mortgage rates and appreciating home prices are helping to keep the housing market percolating. (Forecast range: 940,000 to 1,040,000 unit rate)

Friday
Economists are predicting that the University of Michigan's consumer sentiment index will hold at 86.5 for the month of July, the same level reported at mid-month. This is a 6-point drop from the June level. While consumer confidence measures often move in the same direction as retail sales, they don't move in tandem each and every month; a fact noted by Fed chairman Alan Greenspan at his Congressional testimony.