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Initial claims for unemployment benefits in the United States soared to 406k in the week ending July 19, the highest level since March, according to the Department of Labor on Thursday. Economists said July data has been volatile, but the latest data is a reliable indicator of weakness in the jobs market.

Preliminary U.S. GDP, jobless claims and comments from the Fed's Ben Bernanke, Donald Kohn and Timothy Geithner will highlight the North American economic releases along with weekly oil inventories from the Department of Energy and the first-quarter current account balance from Canada.

The focus this week will be on Tuesday when minutes from the March 18 FOMC meeting, when the Fed cut interest rates by 75 bps, are released.

Monday:

8:30 CA Building Permits (M/M) FEB Exp: +1.3% Prior: -2.9%
9:30 US Treasury's Paulson to Speak at IADB Meeting in Miami Beach
13:00 US TSY to Sell $24B 3-Month Bills
13:00 US TSY to Sell $21B 6-Month Bills
15:00 US Consumer Credit FEB Exp: $5.5B Prior: $6.9B
16:00 US Treasury's Paulson, Commerce's Gutierrez Speak in Miami Beach
17:30 US Fed's Yellen Gives Opening Remarks at Seattle Branch
17:30 US Fed's Kohn Gives Remarks at San Francisco Fed Seattle Branch

Just our opinion, but spiraling gas prices may present an abundance of unintended consequences when it comes to the housing market. Some of these repercussions could ultimately be healthy, but other will pose some serious problems for consumers and the industry.

The Effect on Suburbia

The Effect on Interest Rates

The Effect on Housing Construction