What to Watch Wednesday: Consumer Spending Critical Economic Data

In 'What to Watch on Wall Street' for Wednesday December 23, it's a slow holiday week but traders are watching a few economic reports.
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In 'What to Watch on Wall Street' for Wednesday December 23, it's a slow holiday week but TheStreet is still watching a few economic reports. We start the day with MBA mortgage applications at 7 a.m. Eastern time. Then shortly after, we get durable goods orders and personal income and spending for the month of November. At 10 a.m., expect to get new home sales figures and the consumer sentiment. Shortly after, the EIA is scheduled to release its weekly oil inventory data. Wall Street will be paying close attention to the consumer spending figure since it accounts for over two-thirds of the economic activity in the U.S. Analysts are calling for a 0.3% gain in November. Spending likely picked up at the start of the holiday shopping season, analysts add. TheStreet's U-Jin Lee reports in New York.