This week will no doubt be dominated by post mortems on the impact of the big blackout, but there is also a solid schedule of data releases in Canada leading up to the next decision on interest rates due in early September.

Monday brings international securities transactions numbers. On Tuesday, the Consumer Price Index is out, followed by wholesale trade numbers on Wednesday. Thursday brings the release of retail sales info.

“There are still two full weeks of economic data before the Bank of Canada next decides on interest rates,” notes BMO Nesbitt Burns. “The much more positive tone to U.S. economic data recently has somewhat dimmed the odds of additional rate cuts by the Bank, but one more trim still looks possible for early September.”

Nesbitt suggests that the CPI report for July will be one of two big releases in determining the decision, followed by the second quarter GDP number, which will be released at the end of August.

“Headline CPI will be pushed up slightly by a small rise in gasoline prices in July and some further increases in natural gas. Even so, we still think overall CPI will rise by a moderate 0.2% month over month, which will take down the annual rate to 2.3% from 2.6% in June, the lowest since last September and half the pace of just this past February,” Nesbitt notes

“It looks like a similar picture for core inflation in July. The risk is probably toward a slightly lower reading a 0.1% increase would translate to 1.9% year over year, the first sub-2% reading since the start of last year.”

Retail sales were probably weak yet again in June, Nesbitt suspects, hit by a 10% drop in auto sales and softer gasoline prices. “One small positive is that the weather improved a touch from an unusually cold and wet May, which might give a small lift to general merchandise,” it says. It expects headline sales to drop 0.7%, but are looking for a 0.6% rebound in ex-auto sales.

“Retail sales will complete the picture for the economy in June, and the overall message looks lacklustre,” Nesbitt notes. “Employment, housing, and the Ivey PMI were strong, but exports, manufacturing and retail look weak. Overall, GDP was probably close to flat in the month and flat in all of Q2.”

In the U.S., housing starts and building permits are reported on Tuesday. Initial jobless claims, the Philly Fed index and the leading indicator are all out on Thursday. “The leading indicators for July will be up, but will probably not have any market impact. Philadelphia Fed factory index is another matter. The closely watched measure will provide data for August and is due on Thursday,” Nesbitt offers.

Next week will also be very quiet for earnings releases, although the all-important banks start releasing numbers, with CIBC out on Wednesday.

Gaz Metropolitain & Company reports on Tuesday, along with Iamgold. Focus Energy Trust and Fort Chicago Energy Partners report on Wednesday along with CIBC. Thursday brings reports from Caribbean Utilities Co. and Viking Energy Trust. RONA Inc. will release results on Friday.