This Week’s Economic Tape: Reams of Data and Bernanke Hits Capitol Hill

Next week will be packed with important data releases. The key policy event will be Chairman Bernanke's semi-annual policy testimony before Congress.

Monday, Feb. 27

10:00 a.m. -- Pending home sales for January. Economists expect the index to increase one percent.

Tuesday, Feb. 28

8:30 a.m. -- Durable goods orders are expected to contract one percent in January after rising three percent in December. Excluding transportation, the median forecast calls for the release to remain flat.

9:00 a.m. - Case-Schiller Home Price Index for December is likely to show prices continued to fall, driving the 20-city composite down by 0.6 percent.

10:00 a.m. - The Conference Board's Consumer Confidence Index is expected to improve to 62.9 in February from 61.1 in January.

10:00 a.m. -- Fed Governor Elizabeth Duke testifies before the Senate Banking Committee on The State of the Housing Market: Removing Barriers to Economic Recovery.

7:15 p.m. -- Cleveland Fed President Sandra Pianalto (FOMC voter) speaks on Prospects for the Nation and the Region.

Wednesday, Feb. 29

8:30 a.m. - Second preview of U.S. real fourth-quarter gross domestic product. Economists expect no change from the advance figure of 2.8 percent.

9:30 a.m. - Dallas Federal Reserve President Richard Fisher (FOMC non-voter) speaks on the U.S economic overview in Mexico City.

9:45 a.m. - Chicago Purchasing Managers Index. After falling for two consecutive months, economists think the Chicago PMI will improve to 62.0 in February from 60.2 in the prior month.

10:00 a.m. - Fed Chairman Ben Bernanke delivers semi-annual monetary policy report before Congress.

1:00 p.m. - Philadelphia Fed President Charles Plosser (FOMC non-voter) speaks to economists in New York.

2:00 p.m. - Fed Beige Book report released.

Thursday, March 1

8:30 a.m. - Personal income and spending for January. Personal income is likely to jump 0.5 percent, while spending rises 0.4 percent.

8:30 a.m. - Initial jobless claims for the week ended Feb. 25 could rise modestly to 355,000 from 351,000 the week prior. This would bring down the four-week moving average to 355,000.

10:00 a.m. - ISM manufacturing index should improve marginally to 54.5 in February from 54.1 in January.

10:00 a.m. - Construction spending is expected to increase one percent in January, marking the sixth consecutive monthly gain.

12:30 p.m. - Atlanta Fed President Dennis Lockhart (FOMC voter) speaks in Atlanta on the economy and banking.

1:00 p.m. - San Francisco Fed President John Williams (voter) speaks in Honolulu.

17:00 p.m. - Vehicle sales for February to come in at 14 million, partly reversing the 4.7 percent gain to 14.1 million in January.

Friday, March 2

8:00 p.m. - St. Louis fed President James Bullard (non-voter) speaks in Vancouver on the U.S. Economy in the Aftermath of the Financial Crisis.

*All listed times are Eastern times. Dates and times are subjecte to change.