This week we kick off earnings season with reports from Alcoa, J.P. Morgan, and Citigroup. We also expect quite a bit of economic data with reports on production, inflation and consumer sentiment.
We’ll gain insight on the economy with the June industrial production report. In May, industrial production — which tracks activity in manufacturing, mining and utilities — rose 4 tenths of 1 percent as factories rebounded from the disruptions caused by the Japan earthquake and tornadoes in the south.
We’ll get a read on inflation with the June consumer price index report — which tracks price changes for food, clothing and energy —- in May, prices rose by 2 tenths of 1 percent driven by higher food prices. This was the smallest increase in six months as gas prices declined.
Are you feeling better about the economy? We’ll find out with the consumer sentiment report for July. In June, sentiment declined to a 71.8 reading on concerns about the health of the economy and personal finances. Consumer sentiment is a gauge of consumer spending.