By James Langton

(March 12 – 07:45 ET) – This week looks like it will be March break for the markets. After the ongoing blood-letting this past week, investors could use a breather. There won’t be any major economic data out in Canada this week. Like manyy Canadians vacationing in Floriday, economists will be focusing on the U.S. more than usual.

On Tuesday, retail sales numbers are due out in the U.S. BMO Nesbitt Burns economists say the numbers should clarify if spending is indeed holding up while consumer confidence seems to be weakening.

Friday will be the big data day, with housing starts, Producer Price Index, capacity utilization and industrial production numbers due out. The industrial production data will show that the factory sector remained in recession in February, weakness in non-auto retailers and the service sector is experiencing moderate conditions, says the analysts at CIBC World Markets.

BMO says the inflation risk looks minimal. “The soft reports should restore expectations for aggressive Fed action after question marks raised by the payrolls report,” says CIBC.

With little else going on, BMO points out that provincial budget season begins next week, with B.C. first out of the gate.

OPEC may announce further crude oil production cuts at a meeting in Vienna, on Friday.

It will even be a slow weak for earnings. On Tuesday, Geac Computer will report, followed by Boutiques San Francisco, Rio Alto Exploration and Shiningbank Energy Income Fund on Wednesday. Thursday we’ll hear from Richland Petroleum, Tethys Energy and Uni-Sélect Inc.

It’s a slow week for earnings announcements in the U.S., too, according to First Call. Oracle is reporting on Thursday. So are several major retailers and food stores.