What to Look Out for in Economic Data This Week (March 23-27)

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Economic reports are light in the final full week of March, though there are a few key data points Wall Street will be tracking. Among them is Thursday morning's weekly jobless claims update, which gives a timely snapshot of the labor market. Additionally, the University of Michigan's Consumer Sentiment Index will show how consumers view rising gas prices.

Economic reports we're watching

Friday, March 27: University of Michigan's Consumer Sentiment Index: Inflation remains a major worry for consumers and spiking energy costs are only exacerbating those concerns.

Read on to see the entire weekly economic calendar of the most important upcoming economic reports scheduled to be released in the next several days. At times, we provide expanded previews and recaps for select reports.

Please check back often. This economic calendar is updated regularly. Bolded reports are those considered more noteworthy. All reporting times are in Eastern Time.

Reports that have been delayed due to the government shutdown are marked with an asterisk (*).

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Monday (3/23)

Noteworthy economic reports

Time released	Economic report	Period
10 am	Construction spending*	January

Tuesday (3/24)

Noteworthy economic reports

Time released	Economic report	Period
8:30 am	Productivity and labor costs	Q4
9:45 am	S&P Global Flash Manufacturing Purchasing Managers Index	March
9:45 am	S&P Global Flash Services PMI	March
6:30 pm	Fed Governor Michael Barr speaks	N/A

Wednesday (3/25)

Noteworthy economic reports

Time released	Economic report	Period
8:30 am	Import prices	February
4:10 pm	Fed Governor Stephen Miran speaks	N/A

Thursday (3/26)

Noteworthy economic reports

Time released	Economic report	Period
8:30 am	Weekly jobless claims	Week ending March 21
4 pm	Fed Governor Lisa Cook speaks	N/A
6:30 pm	Fed Governor Stephen Miran speaks	N/A
7 pm	Fed Vice Chair Philip Jefferson speaks	N/A
7:10 pm	Fed Governor Michael Barr speaks	N/A

Friday (3/27)

Noteworthy economic reports

Time released	Economic report	Period
10 am	University of Michigan Consumer Sentiment Index (revised)	March
11:30 am	San Francisco Fed President Mary Daly speaks	N/A
11:40 am	Philadelphia Fed President Anna Paulson speaks	N/A

Will consumer sentiment continue to decline?

Oil prices have risen dramatically due to the escalating conflict in the Middle East, with West Texas Intermediate crude – the U.S. benchmark for oil prices – up more than 46% for the month to date.

And according to AAA, the average price for a gallon of gas in the U.S. is $3.91, 33% higher than a month ago. Rising gas prices are having a direct impact on consumer sentiment, too, as seen in the University of Michigan's preliminary Consumer Sentiment Index for March.

The index was down 1.9% vs February, with gasoline prices having "the most immediate impact felt by consumers," says Surveys of Consumers Director Joanne Hsu.

The survey for the preliminary reading was conducted between February 17 and March 9, so it captured the onset of the conflict. Energy costs have only climbed since then, so it will be interesting to see if sentiment has declined further as gas prices have increased.

Reporting schedules are provided Forex Factory and MarketWatch.