There a full calendar of economic news this week, with the highlight being the U.S. consumer inflation report for July.

On Tuesday, Statistics Canada reports on international merchandise trade in June. Economists expect a surplus of $5.5 billion.

On Wednesday, Statscan reports on manufacturing shipments in June. Economists expect an increase of 0.1%.

Separately, the government agency reports on new vehicle sales in June. A decline of 1% is expected.

On Thursday, Statistics Canada reports on international securities transactions for June. Economists expect a net inflow of $1-billion.

As well, the Bank of Canada Review is released.

On Friday, StatsCan reports on wholesale trade in June. Economists expect a monthly increase of 0.3%.

On Monday, the U.S. Commerce Department reports advance retail sales for July. Economists expect a rise of 0.2%.

Separately, the U.S. Commerce Department reports on business inventories for June. A rise of 0.4% is expected.

On Tuesday, Commerce reports on the trade balance data for June. A deficit of US$61 billion is expected.

The U.S. Department of Labor reports on the producer price index for July. A monthly increase of 0.2% is expected.

The European Commission issues its quarterly growth forecast for the euro zone, Brussels.

On Wednesday, the U.S. Labor Department reports on the consumer price index in July. A monthly increase of 0.2% is expected.

The U.S. Federal Reserve Board reports on industrial production in July. A rise of 0.3% is expected.

The Fed also eports on capacity utilization in July. Economists expect a utilization rate of 81.7%.

Meanwhile, The U.S. National Association of Home Builders releases its housing index for August. A reading of 23 is expected, down from 24 a month earlier.

On Thursday, the U.S. Department of Labor reports initial jobless claims for the week ended Aug. 11. Economists forecast 312,000 claims.

The U.S. Commerce Department reports on housing starts and building permits for July. Economists forecast 1.4 million starts and 1.41 million permits, both annualized, compared with 1.467 million starts and 1.406 permits a month earlier.

On Friday, the University of Michigan issues its preliminary index of consumer sentiment for August. Economists expect a reading of 88.2, down from 90.4 the previous month.

Corporate earnings

The flow of earnings reports slows to a trickle this week. Companies scheduled to release financial results include:

  • Cominar REIT;
  • Compton Petroleum Inc.;

  • Great Canadian Gaming Corp.;
  • Leon’s Furniture Ltd.;
  • Wal-Mart Stores Inc.; and
  • Iamgold Corp.