What to Look Out for in Economic Data This Week (December 15-19)

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The final full week of 2025 is jam-packed with economic data – most notably, key updates on inflation and the labor market. These reports follow the December Fed meeting, where the central bank cut rates for a third straight time but reiterated a data-dependent approach to future policy decisions.

Economic data we're watching

Tuesday, December 16: Nonfarm payrolls: The November jobs report, delayed due to the record-long government shutdown, showed continued weakness in the labor market.

Thursday, December 18: Consumer Price Index and core CPI: While it wasn't the cleanest read on inflation, CPI and core CPI came in lighter than expected in November.

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 (12/15)

Noteworthy economic reports

Time released	Economic report	Period
8:30 am	Empire State Manufacturing Index	December
9:30 am	Fed Governor Stephen Miran speaks	N/A
10 am	NAHB Housing Market Index	December
10:30 am	New York Fed President John Williams speaks	N/A

Tuesday (12/16)

Noteworthy economic reports

Time released	Economic report	Period
8:30 am	Nonfarm payrolls report*	November
8:30 am	Retail sales*	October
9:45 am	S&P Global Flash Manufacturing Purchasing Managers Index (PMI)	December
9:45 am	S&P Global Flash Services PMI	December
10 am	Business inventories	September

The November jobs report came in higher than expected, but the unemployment rate hit a four-year high

At its December policy meeting, the Federal Open Market Committee lowered the federal funds rate for a third straight time, citing slowing job gains and a rising unemployment rate.

Indeed, while the September jobs report came in higher than expected, job growth for July and August was downwardly revised and the unemployment rate rose to 4.4%.

And the November jobs report, while beating expectations, signaled continued weakness in the labor market.

According to the Bureau of Labor Statistics (BLS), nonfarm payrolls rose by 64,000 in November, beating economists' estimate for 45,000 new jobs. The report also showed 105,000 job losses for October, while figures for August were revised down by 22,000, from -4,000 to -26,000, and September's additions were revised lower by 11,000, from +119,000 to +108,000.

Meanwhile, the unemployment rate, which is calculated from a separate survey, rose to 4.6% from 4.4% in September – its highest level in more than four years.

"The October and November payroll releases set a modestly dovish tone for U.S. monetary policy in 2026," says Jeff Schulze, head of Economic and Market Strategy at ClearBridge Investments. "The rise in the unemployment rate is something to keep an eye on and will keep the hopes of another cut alive in the first quarter since labor slack appears to be gradually building."

Wednesday (12/17)

Noteworthy economic reports

Time released	Economic report	Period
9:05 am	New York Fed President John Williams speaks	N/A
12:30 pm	Atlanta Fed President Raphael Bostic speaks	N/A

Thursday (12/18)

Noteworthy economic reports

Time released	Economic report	Period
8:30 am	Weekly jobless claims	Week ending December 13
8:30 am	Philadelphia Fed Manufacturing Index	December
8:30 am	Consumer Price Index (CPI)*	November
8:30 am	Core CPI*	November

The November CPI came in lighter than expected

The latest Consumer Price Index (CPI) report showed a modest uptick in inflation, but the data on price growth are muddied considering October figures were not collected due to the record-long government shutdown.

According to the Bureau of Labor Statistics, headline CPI was up 0.2% from September to November, slower than the 0.3% month-over-month rise seen in September and matching economists' expectations. The CPI was 2.7% higher year over year, below September's 3.0% rise and the 3.0% increase economists anticipated.

Core CPI, which excludes volatile food and energy prices and is considered a more accurate measure of underlying inflation trends, increased 0.2% from September to November and rose 2.6% compared to the same period last year. In September, core CPI was 0.2% higher month over month and 3.0% year over year.

"Today's low inflation reading won't move the needle for the Fed given how noisy the data is," says Kay Haigh, global co-head of fixed income and liquidity solutions at Goldman Sachs Asset Management.

The absence of October data makes monthly comparisons "impossible," Haigh adds. "The Fed will instead focus on the December CPI released in mid-January, just two weeks before its next meeting, as a more accurate bellwether for inflation."

Friday (12/19)

Noteworthy economic reports

Time released	Economic report	Period
10 am	University of Michigan Consumer Sentiment Index (revised)	December
10 am	Existing home sales	November

Reporting schedules are provided Forex Factory and MarketWatch.