The week ahead: U.S. GDP report on deck

It’s a quiet week for Canadian economic data with just one release due from Statistics Canada. On Tuesday, the government agency reports on retail sales in May. Economists expect an increase of 0.5%.

South of the border, the flow of data doesn’t start until Wednesday when the U.S. National Association of Realtors releases existing home sales data for June. Annualized sales are expected to decline 2% to 5.87 million.

Also Wednesday, the U.S. Federal Reserve Board issues its Beige Book, a summary of economic conditions in the 12 Fed districts.

On Thursday, the U.S. Department of Commerce reports on durable goods orders for June. Economists expect an increase of 1.9%.

Separately, Commerce releases new home sales figures for June. Economists expect a 1.6-per-cent decline to 900,000 annualized sales.

Meanwhile, the U.S. Department of Labor reports on initial jobless claims for the week ended July 21. Economists expect 310,000 claims, up from 301,000 a week ago.

On Friday, the U.S. Department of Commerce issues advance figures on second-quarter gross domestic product. Economists expect the annual growth rate at 3.2%.

University of Michigan issues its index of consumer sentiment for July. A reading of 91.5 is expected, down from 92.4 the previous month.

Corporate earnings

The parade of second quarter earnings continues unabated. Companies scheduled to release results include:

• Canadian National Railway;
• Abitibi-Consolidated;
• Amazon.com;
• AT&T;
• Bowater;
• Canadian Oil Sands Trust;
• Canadian Pacific;
• E.I. du Pont de Nemours;
• Eli Lilly;
• Kimberly-Clark;
• Lockheed Martin;
• PepsiCo;
• Toromont Industries;
• UAL;
• United Parcel Service;
• United States Steel;
• Zarlink Semiconductor;
• Anheuser-Busch;
• Apple;
• Boeing;
• Colgate-Palmolive;
• DaimlerChrysler;
• EnCana;
• New York Times;
• Norbord;
• Nova Chemicals;
• Stelco ;
• 3M;
• Ballard Power Systems;
• Bristol-Myers Squibb;
• Consumers Waterheater Income Fund;
• Dalsa;
• Exxon Mobil;
• Ford Motor;
• International Forest Products;
• Kellogg;
• Loblaw Cos.;
• MacDonald Dettwiler;
• Petro-Canada;
• Potash Corp. of Saskatchewan;
• Sears Canada;
• Sierra Wireless ;
• Dow Chemical;
• Thomson;
• Wendy’s International;
• Western Oil Sands;
• West Fraser Timber ;
• Brookfield Properties;
• Canada Bread;
• Canfor;
• Centerra Gold;
• Chevron;
• Enbridge Energy Partners;
• Maple Leaf Foods;
• TransAlta; and
• TransCanada.