• New Home Sales: New home sales took another stiff hit in February — sales fell to their lowest level since the data started being collected in 1963 despite a drop in new home prices. Some market experts have speculated that's because the drop in new home prices hasn't gone far enough to lower the premium on a new home compared to an existing one and to attract buyers. March data come out Monday at 10 a.m.
• Consumer Confidence: Higher oil and gas prices at the pump outweighed recent gains in employment and took a toll on the consumer sentiment index in March. With gas prices already exceeding $4 a gallon in some areas and further increases expected, compounded by recent news that the S&P is lowering the U.S.'s debt outlook to negative, consumer sentiment will likely continue to decline. April data are due out Tuesday at 10 a.m.
• Fed Watch: With two months to go until the end of the Federal Reserve's QE2 policy, the question on everyone's mind these days is, when will the FOMC announce a rate hike. Up to this point, Fed officials have been reluctant to raise interest rates and abandon their monetary policy, arguing that keeping rates low will boost a sustainable recovery. Watch for a rate announcement on Wednesday at 2:15 p.m. which will feature Chairman Bernanke's first-ever post-meeting briefing with reporters.
• GDP: U.S. Q1 2011 GDP data is due out the day after the FOMC rate decision. It could provide a reality check for those people who weren't upset by the S&P's decision last week to lower the U.S. credit outlook to "negative." Watch for Q1 2011 numbers on Thursday at 8:30 a.m.
• Personal Income and Spending: Personal spending in February had its strongest increase since October 2010. Personal disposable income also increased. Any spike in inflation could mitigate much of the increase in spending. Data for March come out Friday at 8:30 a.m.

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• Housing Starts: The housing market still can’t get out of gear. Housing starts took a steep fall in February from the previous month, hitting the lowest level of new starts since April 2009. Both single-family and multifamily construction took significant hits. March data come out Tuesday at 8:30 a.m.
• Building Permits: Housing permits remain at extremely low levels and are not expected to improve as long as the levels of inventories of unsold new homes remain high. March data are due out Tuesday at 8:30 a.m.
• Existing Home Sales: Sales of previously owned homes fell sharply in February and prices reached a nine-year low. An oversupply of homes and a never-ending wave of foreclosures are pressuring prices and holding back recovery in the market sector. Watch for March data on Wednesday at 10 a.m.
• Philadelphia Fed: The Philadelphia Fed’s business outlook surged to multi-decades highs in March, mostly from new orders growth. It’s unlikely, though, that it can continue at the same pace in April (that’s what some economists said about March numbers). Watch for April numbers on Thursday at 10 a.m.
• Leading Indicators: The leading indicators index continues in an upward trend even with negative economic news such as a decline in building permits. The index has increased 22 of the past 23 months, supporting the optimism that the economic recovery is expanding and accelerating. Data for March come out Thursday at 10 a.m.Note: The markets are closed April 22 for Good Friday.Next Week: The Federal Open Market Committee will hold its third meeting of 2011 next week, April 26-27. There’s been a lot of discussion of late of whether the Fed’s QE2 policy will end prematurely before June, and there’s even been some mention that there might even be a QE3. Watch for an announcement on Wednesday, April 27 at 2:15 p.m.

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• Trade Balance: The U.S. trade deficit is now at its widest level since June 2010. Half of the increase is attributable to the increase in imports of petroleum products, as well as the increase in the price of crude oil. With crude oil prices increasing further in February, it’s likely that petroleum imports will increase as well. February trade balance data come out Tuesday at 8:30 a.m.
• Retail Sales: Retail sales recovered in February from January’s snowstorms. Led by strong growth in motor vehicle sales, retail sales in February edged up 1 percent, and experts expect that number to continue to improve. Watch for March data on Wednesday at 8:30 a.m.
• Fed’s Beige Book: The Fed’s survey in March showed the U.S. economic recovery is picking up and gained strength as the year began. But the economy is not recovering evenly across the country. For example, although the job market improved, real estate remains bogged down in the doldrums. April’s findings are due out Wednesday at 4 p.m.
• PPI: Producer prices in February saw their largest monthly gain since November 1974 mainly due to a 3.9 percent increase in food prices and a 3.3 percent increase in energy costs. Fed Chairman Bernanke has tried to reassure the markets, saying the spike in U.S. inflation “will be transitory,” but hawks at the Fed and some economists may need more convincing. Watch for March data on Thursday at 8:30 a.m.
• Michigan Consumer Sentiment: An increase in energy and food prices and Japan’s natural disaster is took a toll on consumer confidence in March. The Michigan Consumer Sentiment index decline last month was the 10th largest decline ever recorded, and March’s index of 67.5 was the lowest level since November 2009. Data for April come out Friday at 9:55 a.m.

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