On Tuesday, the NIESR releases its estimate of GDP. This is likely to show that the economy was flat in the three months to February. Official figures the same day are likely to show one reason for this - net exports are doing nothing to help growth. This isn't just because the eurozone's recession is depressing exports to our largest trading partner; exports to the US have fallen sharply, too.
Such weakness might also be evident in Tuesday's manufacturing output data, although these might be slightly depressed by the snow in the second half of the month. Overall industrial production, though, could post an increase, thanks to increased utility output because of the cold weather and a pick up in North Sea production after last year's maintenance shutdowns.
We'll also see weakness in the eurozone, where official figures are expected to show that industrial production fell in January. However, this would follow a decent rise in December, so it would be consistent with the recession moderating.
We should, though, get better news in the US. On Wednesday, retail sales should show a small rise in February, and on Friday industrial production should rise after January's surprise fall. These numbers would be consistent with the economy posting moderate growth in the first quarter.
Also worth noting will be Friday's Empire State survey, of manufacturers in the New York area. Last month, this showed a rise not just in business conditions but in optimism for the next six months. If this finding is repeated, it would add to hopes that the economy might continue growing, despite the confusion over fiscal policy.
Inflation figures the same day might also be more significant than they seem. They should show 'core' inflation at 1.9 per cent. Although this would be the same as in the last couple of months, it would be lower than last year. This matters, as it shows that unemployment and inflation have both fallen. This is a sign that the trade-off between the two is now improving, having worsened during the recession - perhaps because of a better match between unemployed workers and vacancies. This is good news for investors, as it suggests the economy should be able to enjoy non-inflationary growth for the next few years.
However, the most important new for investors will be in Friday's US capital flows figures. Recently, these have shown increased buying by foreigners of US equities, which suggests that sentiment has increased to levels which point to global equity returns being poor in the next 12 months. A fall-back in such buying would, therefore, be welcome.
