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: Will the November jobs report, delayed due to the record-long government shutdown, show continued weakness in the labor market?
Thursday, December 18: Consumer Price Index and core CPI: While it won't be the cleanest read on inflation, CPI and core CPI were likely up 3.1% year over year in November, says Barclays.
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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)
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)
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 |
There's a lot of uncertainty around the November jobs report
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%.
What will Tuesday's data show?
The report will include data from both October and November. A team of Barclays economists led by Marc Giannoni believes payrolls were flat in October and up by 50,000 in November. They also expect the unemployment rate to rise to 4.5%.
"We think the fluctuations in recent payroll prints were due mostly to government payrolls, with many federal government employees likely dropping out of employment in October and November due to the DOGE-related fork-in-the-road option given to employees earlier this year," the group writes, while adding that the uncertainty around their forecast "remains elevated."
Wednesday (12/17)
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)
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 is unlikely to offer a "clean" read on inflation, says Barclays economist
Barclays analyst Pooja Sriram suggests we're "through the looking glass" when it comes to Consumer Price Index (CPI) data for November, which will highlight the economic calendar next week.
The Bureau of Labor Statistics (BLS) will release the November CPI report ahead of Thursday's open, a week later than planned, Sriram notes. She adds that the BLS won't publish headline and core CPI data for October.
"On balance," Sriram observes, "markets will have to rely on two-month price changes from September to November, and the annual rate for November." Because the BLS is not offering guidance for the missing October data, "the November report is unlikely to be seen as a 'clean' read on inflation."
For what it's worth, the economist expects a cumulative 0.5% increase from September to November, with CPI up 3.1% year over year amid higher energy prices.
As for core CPI, which excludes volatile food and energy prices, Sriram forecasts a 0.6% cumulative rise from September to November and a 3.1% annual increase.
Friday (12/19)
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.
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