This week looks likely to be another week dominated by earnings and other corporate news, with little economic data out in either the United States or Canada.

In the U.S., the only economic releases are scheduled for Thursday, with durable goods orders for June, new home sales and the Employment Cost Index. CIBC World Markets says that this light data schedule won’t likely get in the way of a market that has weakened despite earnings announcements that have generally been above expectations.

“The economic data have been taking a back seat while the breathtaking declines in stocks run their course,” says BMO Nesbitt Burns. “Nothing on the immediate horizon looks market-moving.”

In Canada, there’s more data on the schedule, but the Bank of Canada just increased interest rates so the focus will likely swing to a heavy calendar for Canadian earnings reports next week.

The Bank’s monetary policy report on Wednesday is likely to be the most-watched bit of economic news. CIBC says that the Bank’s report “will accentuate the positive, which does, after all, have to provide the justification for the latest rate hike. The Bank will claim that the output gap has virtually been eliminated, an assessment that we called into question in our July issue of Monthly Indicators.”

Preceding the report, retail trade numbers are out on Monday, and the Consumer Price Index and leading indicator are out on Tuesday. “A still hawkish leaning from the Bank should be countered by tame data on CPI, and by a soft reading on ex-auto retail sales in May, both of which could allow for a bit of Canada-US yield compression,” says CIBC.

BMO says that, after strong growth in April, retail sales are expected to remain unchanged in May. “The sharp drop in the year-over-year rate of inflation reported in May will be undone to some extent in June. Prices are expected to rise by 0.3% for the month, and to have climbed 1.3% year over year, says BMO.

Earnings season gets into full swing in Canada this week, leading off with Fairmont Hotels, Inmet, Ipsco, Sierra Wireless and Summit REIT on Monday.

Canadian Oil Sands Trust, CGI Group Inc., Fording, Imperial Oil, Inco and Stelco report on Tuesday.

Wednesday brings Abitibi-Consolidated Inc., Dofasco, EDS, Enbridge Inc., Falconbridge, Loblaw Cos., Macdonald, Dettwiler and Associates Ltd., Molson, Nova Chemicals Corp., and Phelps Dodge.

Canfor reports on Thursday, as does Cara Operations Ltd., DuPont Canada Inc., EnCana, Finning International Inc., Maxxcom Inc., Noranda, Potash Corp., Shell Canada, Suncor Energy Inc. and Teck Cominco.

Friday will finally provide a breather, with just Co-Steel, Tembec Inc. and TransCanada PipeLines on the docket.