(MENAFN– ecpulse) The upcoming week in the U.S. will be relatively calm with little-to-no major data to be seen, in the wake of a better than expected jobs report last week that saw unemployment drop to 7.0%.
The U.S. economy managed to add 203,000 jobs in November, topping analysts’ estimates that called for a gain of 185,000.
Most importantly, the U.S. unemployment rate fell to 7.0% in November, the lowest level since November 2008.
The data released last week fuelled expectations the Fed will hasten a plan to scale back its aggressive monetary stimulus.
Note that data showed the U.S. economy expanded at faster rate than expected last week as it grew by 3.6% in the third quarter.
The Fed has said it will only start cutting back on its bond-buying when the unemployment rate is low enough and the economy is strong enough to stand without the central bank`s assistance.
As for the data set for release this week, Thursday sees the release of the U.S. monthly budget statement.
Thursday also sees the release of the weekly update for jobless claims, and a reading on import and exports prices for November.
Data last week showed first-time claims for unemployment benefits drop to 298,000, the lowest in two months.
Friday brings U.S. retail sales for November, with economists tipping a 0.4 per cent lift excluding autos, while the Bloomberg consumer comfort survey is also due.
Late Friday the U.S. producer price index for November will be unveiled, with economists expecting a 0.1 per cent lift in the core rate.
On Monday , United States Federal Reserve St Louis president James Bullard and Dallas Fed president Richard Fisher will give speeches.
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