By James Langton

(November 27 – 07:15 ET) – After a quiet holiday week, there’s a heavy slate of economic releases scheduled for this week. Traders are looking for economic data to provide confirmation of a slowing economy.

The Canadian federal election will capture centre stage today. CIBC World Markets sees a Liberal victory, saying this likely won’t spark much market reaction. George W. Bush’s declaration of victory in the U.S. presidential election is expected to have a positive impact on markets.

Monday will also see a meeting of European finance ministers, and a report on existing home sales in the United States.

On Tuesday, U.S. durable goods orders will be announced. Wednesday brings third quarter GDP numbers in the U.S. In Canada, Wednesday sees the release of raw materials and industrial price index data, as well as average weekly earnings data.

On Thursday, the report on Canada’s third-quarter GDP is out, as are the current account numbers. TD says GDP will likely indicate that the Canadian economy continued to expand at a brisk pace in the third quarter as a whole.

BMO Nesbitt Burns says third-quarter growth got off to healthy start, but slumping stocks and cooler U.S. demand took hold by the end of the period. “Nonetheless, 4% headline growth will likely double the U.S. pace, as accelerated consumption and surging investment compensate for an export no-show.”

In the U.S., personal income and spending numbers are on the docket for Thursday. As well, Bank of Canada deputy governor Malcolm Knight speaking about the economy, and a rate announcement from the European Central Bank is due.

Friday brings the release of Canada’s jobs report. Analysts are calling for the unemployment rate to slide a tick to 6.8%. TD expects this report to help assuage any fears that Canada’s economy faltered in the fourth quarter of the year.

The National Association of Purchasing Managers report is due in the U.S. on Friday. TD says the NAPM index for November will point to a further slowdown in the manufacturing activity in the fourth quarter.

This should be supportive for bonds agrees CIBC. BMO Nesbitt says U.S. basic manufacturing is in a recession. “Why consumers are not reacting more to slumping stocks, rising oil prices, and political turmoil is a mystery, however. In short, if there is any doubt that U.S. economic growth has slowed, it could be diminished considerably by next Friday.”

It’s a quiet week for earnings reports. Monday brings Cognicase, MGI and Veritas. On Tuesday, Bank of Montreal and CanWest are up. Brocade and Marconi are slated for Wednesday. Certicom, Deustsche Telekom and Forzani are slated for Thursday. Friday is quiet.