Coming Week: Holiday Cheer

The data reports start Monday with the current-account deficit for the third quarter. Economists surveyed by Thomson First Call expect a slight widening of the deficit to $223 billion from $218.4 billion the prior quarter.

The November producer price index will be released on Tuesday. Economists are predicting the PPI will rise 0.5% after falling 1.6% in October. The core PPI, which excludes food and energy, is expected to rise 0.2%.

"The PPI loses some of its significance because the CPI is already out," says Jason Schenker, economist at Wachovia. "We expect only modest inflationary pressure on the PPI because of natural gas and metals prices."

Tuesday's other data highlights include housing starts and building permits for November. Economists project home starts totaled 1.55 million on an annualized basis, up from 1.48 million in October. Building permits are expected to decline to an annualized rate of 1.53 million from 1.55 the month prior.

Thursday's key data will be the leading indicators number for November, which is expected to be flat after rising 0.2% in October. The October Philadelphia Fed index also will be released, and it's projected to come in at 6, up from 5.1 the month before.

Final figures for the third-quarter gross domestic product also will be released Thursday. GDP growth is expected to remain at 1.8%, with the chain deflator staying at 2.2%.