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The Week Ahead


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THE WEEK AHEAD

HUMPHREY-HAWKINS TESTIMONY

Tuesday, July 22 Copyright Federal Reserve Chairman Alan Greenspan will

appear before the House Banking Committee to testify on current monetary policy

and present the Fed's central-tendency forecast for economic growth, inflation,

and unemployment. Greenspan is scheduled to give his Humphrey-Hawkins testimony

before the Senate on July 23.

TREASURY BUDGET

Tuesday, July 22, 2 p.m.EDT Copyright The Treasury Dept. is likely to report

a budget surplus of $45.2 billion in June when quarterly tax payments are made.

That's the median forecast of economists surveyed by MMS International, one of

The McGraw-Hill Companies. The expected June surplus would push down the

deficit thus far in fiscal 1997 to just $20 billion, compared with $74 billion

in the first nine months of fiscal 1996. The surplus in June, 1996, was $34.3

billion. Thanks in large part to record tax payments, Washington's budget gap

is expected to shrink to about $70 billion in 1997, vs. $107 billion in fiscal

1996.

UNEMPLOYMENT CLAIMS

Thursday, July 24, 8:30 a.m.EDT Copyright Initial claims for state

unemployment benefits likely fell back to about 340,000 for the week ended July

19. Claims shot up by 40,000, to 377,000, in the week of July 5. Layoffs

because of model changeovers in the auto industry contributed to the jump.

DURABLE-GOODS ORDERS

Friday, July 25, 8:30 a.m.EDT Copyright The MMS survey forecasts that new

durable-goods orders increased by 0.8% in June, recouping the 0.7% drop of May.

EXISTING HOME SALES

Friday, July 25, 10 a.m.EDT Copyright Existing homes probably sold at an

annual rate of 4.16 million in June, says the MMS report. In May, resales

increased 4.4% to 4.24 million. Housing demand has held up well this year,

thanks to growing incomes and high consumer confidence in the economy's future.


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