There is a light schedule for economic releases this week. Economists are expecting better news in the U.S., and moderating numbers in Canada.

There is actually a decent amount of Canadian data out, it’s just that economists aren’t that interested in most of it. RBC Financial says that notable data releases include August housing starts on Tuesday and July merchandise trade numbers on Thursday.

“There are no stand-out releases in Canada this week, but the merchandise trade report for July could provide a hint whether exports are responding to the initial stages of the rebound in U.S. activity,” says BMO Nesbitt Burns. “We are looking for a modest rise in exports as industrial prices rebounded and U.S. demand began to recover. However, we also expect imports to perk up as well. Even with stronger second-half U.S. growth, Canada’s trade surplus is expected to narrow in the months ahead as the full impact of the spike in the Canadian dollar works its way through.”

“We’re forced to put a number on our expectations for merchandise trade, but in truth, we don’t even know where the prior month’s number will be given that Statistics Canada radically altered the quarterly trade balance in the current account, but has yet to release a revised monthly profile to match,” says CIBC World Markets.

Among other Canadian releases, the Ivey Purchasing Managers’ Index is due on Monday, along with building permits. Capacity utilization is out on Wednesday.

Interest rate watchers will be looking for hints when Bank of Canada governor, David Dodge, speaks to the Vancouver Board of Trade on Thursday.

“On the data front, housing starts should see a retreat to a still-very-active 205,000 level,” says CIBC. “We’re not at all fans of the non-seasonally-adjusted Ivey purchasing managers index, which in its short history has proved to be of limited use in tracking economic activity,” it notes.

Nesbitt is looking for only a modest pullback in housing numbers for August to 210,000 starts. “This would still be a touch above the robust trend of the past year,” it notes. “The weak Q2 GDP result will translate into a decline in capacity utilization and a soft reading on labour productivity growth,” Nesbitt predicts. It sees the CAPU falling to 81.4%; and, productivity is expected to be flat.

As for the U.S., RBC says that this week’s data calendar is sparse with the most important data releases coming at the end of the week. “August retail sales and producer price inflation come out on Friday along with a preliminary read on September consumer sentiment,” it notes. Also, the goods and services balance is due on Thursday.

“In the U.S., we move from the worst to the best feature of the economy, as the market puts the jobs numbers aside and gets what should be a very positive report on August retail sales,” says CIBC. “Consumer sentiment should also have picked up, but its still running well below spending, indicating the discomfort with the absence of employment opportunities.”

Nesbitt says that the week’s most important number in the U.S. might turn out to be retail sales, “which could rise as much as 1.2%, led by fantastic sales of SUVs. Ex-auto sales probably won’t be bad either, perhaps nearing +1%. Tax-cut dollars are evidently burning a hole in consumers’ pockets.”

However, Nesbitt says that it will be keying on the producer inflation numbers, which it regards as a fabulous leading inflation indicator. “PPI is due out Friday, and, looking past any energy ripples, we suspect that the news will be good, unless, that is, you are worried about deflation.”

On the earnings front, Van Houtte Inc. reports on Tuesday. Agricore United confesses on Wednesday, as does Empire Co.

Transcontinental Group Inc. Investment Executive’s parent, will release its results on Thursday.