Kiplinger's Economic Calendar for This Week (July 22-26)

This week's economic calendar features a key inflation update and the first look at second-quarter GDP.

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This week's economic calendar is full of key reports including the first look at second-quarter gross domestic product and the Federal Reserve's favorite measure of inflation. Additionally, speeches from several Fed speakers are likely to draw attention ahead of the central bank's policy gathering at the end of this month.

You can read on to see the entire weekly economic calendar of the most important upcoming economic reports scheduled to be released over 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 and all reporting times are in Eastern  Time. 

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Economic calendar highlights

Monday (7/22)

There are no noteworthy economic reports slated for release on Monday, July 22.

Tuesday (7/23)

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Noteworthy economic reports
Economic reportPeriodTime released
Existing home salesJune10:00 am
Richmond Manufacturing IndexJuly10:00 am

Wednesday (7/24)

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Noteworthy economic reports
Economic reportPeriodTime released
Dallas Fed President Lore Logan speaksN/A4:05 am
Wholesale inventories (preliminary)July8:30 am
Goods trade balanceJuly8:30 am
S&P Global Flash Purchasing Managers Index (PMI)July9:45 am
S&P Global Flash Services PMIJuly9:45 am
New home salesJune10:00 am
Fed Governor Michelle Bowman speaksN/A4:05 pm

Thursday (7/25)

Wall Street gets its first look at Q2 GDP

Wall Street will get its first look at Q2 gross domestic product (GDP) ahead of Thursday's open. After the U.S. economy grew at a respectable 1.3% pace in Q1, second-quarter GDP is likely to run about 2.0%, writes Kiplinger economist David Payne in his GDP outlook

"Consumer spending is still likely to be decent, though it is probably rising slower than last year. Exports should start growing again after a drop in the first quarter, and businesses are likely to stop cutting inventories as prospects for future sales brighten," Payne adds.

However, following better-than-expected June retail sales data, Deutsche Bank economists forecast a slightly higher 2.1% advance Q2 GDP reading.

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Noteworthy economic reports
Economic reportPeriodTime released
Weekly jobless claimsWeek ended July 208:30 am
Gross domestic product (GDP)Q28:30 am
Durable goods ordersJune8:30 am

Friday (7/26)

All eyes on Friday's PCE data

The main event on the economic calendar is Friday's release of the Personal Consumption and Expenditures (PCE) Price Index. The data, which tracks consumer spending, follows recent reports showing that inflation is starting to ease back to a level the Fed is comfortable with. This, in turn, has lifted expectations the central bank could start cutting interest rates as soon as September.

In May, both the PCE price index and core PCE, which excludes volatile food and energy costs, arrived in line with expectations (+2.6% each on an annual basis). Following last week's release of the June Consumer Price Index (CPI) and Producer Price Index (PPI), a team of economists at Goldman Sachs anticipate headline PCE rose 2.5% year-over-year in June and core PCE was up 2.6%.

Swipe to scroll horizontally
Noteworthy economic reports
Economic reportPeriodTime released
Personal Consumption and Expenditures (PCE) Price IndexJune8:30 am
Core PCEJune8:30 am

Reporting schedules are provided Forex Factory and MarketWatch.

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Karee Venema
Senior Investing Editor, Kiplinger.com

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.