It’s a busy week for U.S. economic news, highlighted by the final Federal Reserve Board policy meeting headed by Chairman Alan Greenspan.

The U.S. Federal Reserve Board has is expected to increase interest rates to when it meets Tuesday. If the Fed decides to raise the federal funds rate to 4.5%, it will be the 14th consecutive increase.

On Monday, the U.S. Commerce Department releases two sets of data for December: Economists expect personal incomes rose 0.4%, compared with a 0.3% rise in November; and spending increased 0.7%, compared with 0.3% in November.

On Tuesday, in addition to the Fed meeting, the Chicago arm of the National Association of Purchasing Managers releases its index of manufacturing activity for January. A reading of 59.5 is expected

The U.S. Conference Board releases consumer confidence data for January. A reading of 105 is expected.

On Wednesday, the U.S. Department of Commerce reports on construction spending for December. Economists expect an increase of 0.2%, the same as November’s.

The U.S. Institute for Supply Management releases its manufacturing index for January. A reading of 55.3 is expected.

On Thursday, the U.S. Department of Labor releases initial job claims for the week of Jan. 28 — the expectation is 293,000 compared with 283,000 the previous week. Also, some fourth-quarter preliminary data: Economists expect productivity rose 1.7% while unit labour costs increased 2.2%.

On Friday, the U.S. Labor Department reports the unemployment rate for January. Economists expect it was 4.9%, unchanged from December.

The U.S. Commerce Department reports factory orders for December. Economists expect they rose 1.1% compared with a 2.5% rise in November.

The U.S. Institute for Supply Management releases its non-manufacturing index for January. A reading of 59 is expected.

The University of Michigan consumer confidence index for January is expected to read 59.

North of the border, the data calendar is much lighter. Statistics Canada releases the industrial product price index for December. Economists expect an increase of 0.4% compared with a decline of 0.6% in November.

The raw materials index for December is also released: Economists expect it rose 0.4% compared with the 1.7% decline in November.

On Tuesday, Statistics Canada releases gross domestic product for November. Economists expect an increase of 0.2%, unchanged from October.

On Friday, The Conference Board of Canada will release its a quarterly economic forecast for the United States.

Earnings

By the end of this week, 65% or roughly two-thirds of the S&P 500 will have reported, including Dow Jones components Exxon Mobil Corp., Merck & Co. Inc., Altria Group Inc. and Boeing Co.

In Canada, earnings season will pick up. Among those slated to report are Canadian Pacific Railway Ltd., TransCanada Corp., Teck Cominco Ltd., TSX Group Inc., Domtar Inc., Abitibi-Consolidated Inc., Norbord Inc., Vincor International Inc. and Sears Canada Inc.