Economic Calendar - August 6 – 10, 2007

Economic Calendar
August 6 – 10, 2007
Consensus Prior
Monday, 8/6
No Data

Tuesday, 8/7
2nd Quarter Non-Farm Productivity QoQ Annualized +2% +1%
YoY +1%
2nd Quarter Unit Labor Costs QoQ Annualized +1.8% +1.8%
YoY +2.2%
Business output rose 4.2% and hours worked probably rose 2.2% causing productivity to rise 2%
Benchmark revisions for last three years will be included
Productivity is expected to be lowered while ULC’s are increased
YoY Productivity expectations range between +.7% to +1.2%
YoY Unit labor cost expectations accelerating toward +3.3% to +4.4%
Suggests economy’s non-inflationary output will be lower

FOMC Meeting
Expected to leave rates unchanged

June Consumer Credit +$6B +$12.9B
If expectations occur, growth will have slowed from an annualized rate of $110B annualized in the first quarter to +$85B in the second quarter

Wednesday, 8/8
June Wholesale Inventories +.4% +.5%
Wholesale inventories are lean
The inventory to sales ratio hit a new record low of 1.11 months in May

Minneapolis Fed President Stern Speaks on Economic Education/Policy Making

Thursday, 8/9
Initial Jobless Claims 310k 307k
Four week average has dropped to 305.5k

Friday, 8/10
July Import Prices MoM +1% +1%
YoY +2.5% +2.3%
Import prices have risen steadily for the past five months
Higher energy costs and a declining dollar are primary drivers
China no longer exporting deflation

July Monthly Budget Statement -$34B -$33.2B
Consistent with year earlier deficit