KEY DATA: IP: +0.3%; Manufacturing: +0.4%/Openings: +70,000; Hires: +10,000; Quits: +46,000
IN A NUTSHELL: "With manufacturing remaining strong and job openings rising, it is really looking like the economy is starting to accelerate."
INDICATOR: December Housing Starts and Permits
KEY DATA: Starts: -9.8%; 1-Family: -7%; Permits: -3%; 1-Family: -4.8%
IN A NUTSHELL: "Despite really bad weather, builders still managed to keep digging and that is a great indication that the housing market continues to move forward."
INDICATOR: December Retail Sales and Import Prices
KEY DATA: Sales: +0.2%; Excluding Vehicles: +0.7%/Import Prices: 0.0%; Non-Fuel: -0.1%
IN A NUTSHELL: "Consumers spent at a decent pace in December but don't start thinking a spending spree is here or even coming soon."
INDICATOR: December Employment Report
KEY DATA: Payrolls: +74,000; Private: 87,000; Unemployment Rate: 6.7% (down 0.3 percentage point)
IN A NUTSHELL: "When weather and an odd calendar combine, it's best to take some of the economic data with a grain of salt and that is the way we should look at the December jobs report."
INDICATOR: December ADP Payroll Estimate and Conference Board Help Wanted Online Index
KEY DATA: ADP: 238,000; Small: 108,000; Medium: 59,000; Large: 71,000/HWOL: up 125,600
IN A NUTSHELL: "If Friday's employment report is anywhere near what the private sector number crunchers think it will be, the economy could be changing gears even faster than I thought."
INDICATOR: November Trade Deficit
KEY DATA: Deficit: $-34.3 billion ($5 billion narrower); Exports: +0.9%; Imports: -1.4%
IN A NUTSHELL: "The narrowing trade deficit should help power the final quarter to better growth than had been feared and that should give new Fed Chair Janet Yellen some wiggle room as she starts the tapering process."
KEY DATA: ISM (Non-Manufacturing): -0.9 point: Orders: -7.0 points; Employment: +3.3 points
IN A NUTSHELL: "The lagging component of the economy has been the service sector and that will continue as long as wages are stagnant."
KEY DATA: ISM (Manufacturing): down 0.3 point; Orders: up 0.6 point; Employment: up 0.4 point/Jobless Claims: 339,000 (down 2,000)
IN A NUTSHELL: "Manufacturing activity continues to be strong and raising expectations that growth could accelerate."