What to Look Out for in Economic Data This Week (July…

What to Look Out for in Economic Data This Week (July 13-17)

Calendar sitting next to stacks of coins and calculator.

The economic calendar is full with incoming data, including updates on consumer and producer inflation, as well as retail sales.

The highlight of the week, however, will be new Fed Chair Kevin Warsh sharing his first testimony with the U.S. Congress since being sworn in on May 22.

We'll also get an initial look at consumer sentiment in July on Friday.

Economic reports we're watching

Tuesday, July 14: Consumer Price Index (CPI) and Core CPI: The first of this week's big reports is expected to show some moderation after the price of the front-month West Texas Intermediate crude oil futures contract declined by 20.4% in June.

Tuesday, July 14: Fed Chair Kevin Warsh congressional testimony: Warsh is scheduled to appear before the House Financial Services Committee at 10 a.m. Eastern Standard Time on July 14 and the Senate Banking Committee at 10 a.m. on July 15.

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.

Monday (7/13)

Noteworthy economic reports
Time released	Economic report	Period
2 pm	Monthly federal budget	June

Tuesday (7/14)

Noteworthy economic reports
Time released	Economic report	Period
6 am	NFIB Small Business Optimism Index	June
8:30 am	Consumer Price Index (CPI)	June
8:30 am	Core CPI	June
10 am	Fed Chair Kevin Warsh congressional testimony	N/A

Is inflation pressure easing?

Barclays economist Pooja Sriram forecast a 3.8% print for year-over-year headline inflation, a retreat in June from 4.2% in May, and a decline of 0.18% on a seasonally adjusted month-mover month basis, driven by an approximately 10% drop for retail gasoline prices.

"This reflects the dip in crude oil prices after the US-Iran peace deal was signed in mid-June," the economist notes. "We expect core CPI to have accelerated about 5 basis points, to 0.26% MoM, led by core services inflation."

Sriram is looking for the monthly run-rate for rent CPI to slow, as well as modest deflation for goods prices.

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New Fed chair visits Capitol Hill

With lingering uncertainty about the trajectory of inflation amid an on-and-off war in the Middle East, lawmakers in the House and the Senate will want to know what Fed Chair Warsh will do about interest rates.

They'll probably ask Warsh about the energy shock, and they'll probably ask him about the AI boom, too.

Other potential topics of inquiry and discussion include cryptocurrency and bitcoin, as well as the new Fed chair's approach to regulation and supervision generally and with regard to banks.

Wednesday (7/15)

Noteworthy economic reports
Time released	Economic report	Period
8:30 am	Producer Price Index (PPI)	June
8:30 am	Core PPI	June
8:30 am	Empire State Manufacturing Index	July
8:45 am	New York Fed President John Williams speaks	N/A
2 pm	Fed beige book	N/A
6:30 pm	St. Louis Fed President Alberto Musalem speaks	N/A

Thursday (7/16)

Noteworthy economic reports
Time released	Economic report	Period
8:30 am	Retail sales	June
8:30 am	Weekly jobless claims	Week ending July 12
8:30 am	Philadelphia Fed Manufacturing Index	July
10 am	Pending home sales	June
10 am	Business inventories	May
12:30 pm	Dallas Fed President Lorie Logan speaks	N/A
7 pm	Fed Vice Chair Philip Jefferson speaks	N/A

Friday (7/17)

Noteworthy economic reports
Time released	Economic report	Period
8:30 am	Import Price Index	June
8:30 am	Housing starts	June
8:30 am	Building permits	June
9:15 am	Industrial production	June
9:15 am	Capacity utilization	June
10 am	University of Michigan Consumer Sentiment Index (preliminary)	July
10 am	NAHB Home Builder Confidence Index	July