What to Look Out for in Economic Data This Week (January 12-16)

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With the flow of economic data getting back to normal after the longest government shutdown in U.S. history, market participants will tune in for Tuesday's release of December Consumer Price Index (CPI) and Core CPI data for clues about inflation and the trajectory of interest rates.

Economic reports we're watching

Tuesday, January 13: Consumer Price Index (CPI) and Core CPI: Investors, traders and speculators will welcome the first timely, complete look at inflation since September.

Thursday, January 15: Weekly jobless claims: Signals from this noisy but frequent dataset remain subdued, and that's a good thing as the labor market settles into a sort of stasis.

Read on to see the entire weekly economic calendar of the most important upcoming economic reports scheduled to be released in the next several days. At times, we provide expanded previews and recaps for select reports.

Please check back often. This economic calendar is updated regularly. Bolded reports are those considered more noteworthy. All reporting times are in Eastern Time.

Reports that have been delayed due to the government shutdown are marked with an asterisk (*).

Monday (1/12)

Noteworthy economic reports

Time released	Economic report	Period
11:45 am	Richmond Fed President Tom Barkin speaks	N/A
5 pm	New York Fed President John Williams speaks	N/A

Tuesday (1/13)

Inflation clarity now!

The Bureau of Labor Statistics is scheduled to release the December Consumer Price Index (CPI) report before the opening bell on Tuesday. Market participants expect to see a clearer picture of inflation than was offered in a November CPI report impacted by the longest government shutdown in U.S. history.

BLS data collection was suspended from October 1 through November 12. The October CPI report was cancelled, and the November report was based on statistical imputations because the data was incomplete. Headline CPI was 0.2% on a month-over-month basis, or 2.7% annualized, while core CPI (which excludes food and energy prices) was 2.6%.

"Data collection issues led to a surprisingly soft November CPI report," according to Wells Fargo economists Sarah House, Michael Pugliese and Nicole Cervi. "Most, although not all, of these distortions should be unwound in the December report."

The economists expect CPI to "pick up" compared to November's "suppressed pace" to a headline annualized rate of 2.7% and a core rate of 2.8% but to remain lower vs September and "indicate that inflation has resumed its descent."

The ultimate issue for investors, traders and speculators, as well as Wall Street and the Fed, when it comes to fulsome and reliable data is the future path of interest rates. House, Pugliese and Cervi share some CPI-related insight on the Personal Consumption Expenditures Price Index, the Fed's preferred inflation gauge.

"Note that while near-term declines in both health and motor vehicle insurance should help to keep a lid on CPI inflation in the coming months," they write, "neither serve as source data for the PCE price index."

Noteworthy economic reports

Time released	Economic report	Period
6 am	NFIB Small Business Index	December
8:30 am	Consumer Price Index (CPI)	December
8:30 am	Core CPI	December
10 am	New home sales*	October
10 am	St. Louis Fed President Alberto Musalem speaks	N/A
2 pm	Federal budget balance	December
4 pm	Richmond Fed President Tom Barkin speaks	N/A

Wednesday (1/14)

Noteworthy economic reports

Time released	Economic report	Period
8:30 am	Retail sales*	November
8:30 am	Producer Price Index (PPI)*	November
8:30 am	Core PPI*	December
10 am	Business inventories*	October
10 am	Existing home sales	December
11 am	Minneapolis Fed President Neel Kashkari speaks	N/A
12 pm	Atlanta Fed President Raphael Bostic speaks	N/A
12:30 pm	Fed Governor Stephen Miran speaks	N/A
2 pm	Federal Reserve Beige Book	N/A
2 pm	New York Fed President John Williams speaks	N/A

Thursday (1/15)

Time released	Economic report	Period
8:30 am	Weekly jobless claims	Week ending January 10
8:30 am	Import prices*	November
8:30 am	Empire State Manufacturing Index	January
8:30 am	Philadelphia Fed Manufacturing Index	January
9:15 am	Fed Governor Michael Barr speaks	N/A
12:40 pm	Richmond Fed President Tom Barkin speaks	N/A

Friday (1/16)

Time released	Economic report	Period
9:15 am	Industrial production	December
9:15 am	Capacity utilization	December
11 am	Richmond Fed President Tom Barkin speaks	N/A
3:30 pm	Fed Governor Philip Jefferson speaks	N/A

Reporting schedules are provided Forex Factory and MarketWatch.