Looking Ahead: Week of August 20 to August 24
Market News International compiles a market consensus that surveys 15 to 20 economists each week.

Monday
Economists are looking for the index of leading indicators to increase 0.2 percent in July after rising up 0.3 percent in June. Increases in money supply, the factory workweek and declines in new jobless claims should offset the negative impact coming from new orders, stock prices and building permits. (Forecast range: 0.1 to 0.4 percent)

The federal budget deficit is expected to amount to $1.0 billion in July, compared with a budget surplus of $5 billion in July 2000. Tax rebate checks along with smaller tax receipts points to the deteriorating picture. (Forecast range: $-10.0 to +1.0 billion)

Tuesday
The Federal Reserve is meeting today. Market players are looking for a 25 basis point reduction in the federal funds rate target as well as the discount rate. This would put the federal funds rate at 3.5 percent and the discount rate at 3.0 percent down from 3.25 percent.

Thursday
Market participants are expecting new jobless claims to rise 10,000 in the week ended August 18 from last week's 380,000 level. (Forecast range: 5,000 to 15,000)

Friday
Economists are predicting that new orders for durable goods will decline 1.0 percent in July after falling 1.7 percent last month. Economists are still looking for declines in the high tech sector. (Forecast range: +0.5 to -2.0 percent)

New home sales should remain about unchanged in July at a 920,000-unit rate. Low mortgage rates offset slow income growth coupled with declines in employment. (Forecast range: 900,000 to 930,000 thousand-unit rate)