Looking Ahead: Week of December 9 to 13
Market News International surveys between 15 and 20 Wall Street economists each week for their forecasts of economic indicators.

Tuesday
The FOMC is meeting on Tuesday. No one is expecting that the Fed will change the federal funds rate target from its current level of 1.25 percent or the discount rate from its current level of 0.75 percent. No doubt, market players will be interested in the Fed's statement at the end of the day.

Thursday
Economists are predicting that new jobless claims will jump 45,000 to 400,000 in the week ended December 7 from last week's level of 355,000. Changes in jobless claims are typically more volatile in the fall and winter because of a variety of holidays; it becomes more difficult to adjust the data for seasonal variation. (Forecast range: 20,000 to 55,000)

Retail sales are estimated to post a 0.4 percent rise in November, better than last month's showing. Motor vehicle sales were up slightly for the month and should help boost the total. (Forecast range: 0.1 to 0.73 percent) At the same time, nonauto retail sales are predicted to increase 0.2 percent for the month, much slower than the 0.7 percent hike recorded in October. Part of the softness stems from the fact that retailers are offering steep discounts early in the season. (Forecast: -0.1 to 0.4 percent)

Friday
The market consensus shows that the producer price index was unchanged in November, a sharp improvement after rising 1.1 percent in October. (Forecast range: -0.3 to +0.2 percent) Excluding the volatile food and energy components, the core PPI is expected to remain unchanged also in November, after gaining 0.5 percent in October on special factors. (Forecast range: -0.1 to +0.2 percent)

According to economic forecasts, business inventories should edge up 0.2 percent in October after gaining 0.5 percent in September. Economists only have manufacturing inventories available to make this forecast. Their expectations may change after wholesale trade inventories are reported on Tuesday, December 10. (Forecast range: 0.0 to 0.5 percent)

The University of Michigan's consumer sentiment index is expected to rise to 85 in mid-December, up from the November reading of 84.2. Even with the small gain, market players would be satisfied with a positive trend in this series. (Forecast range: 83.5 to 86)