One reason to be pessimistic will be evident in Tuesday's figures. These are likely to show that consumer price inflation is stuck around 2.7 per cent, which means that rising prices are cutting real incomes; figures the following day are expected to show that wage inflation is a mere 1.4 per cent, a lower rate than a few months ago.
One reason why wage growth is low, despite falling unemployment and higher inflation, is that labour productivity is falling, and Wednesday's figures are expected to show that this is still the case, as hours worked grow faster than GDP. However, the rate of decline of unemployment might be slowing down, not so much because fewer people are finding work, but because more are entering the labour market.
A further concern might be raised by Thursday's CBI survey of manufacturers. It could show that companies expect only weak growth in coming months, in part because of the weakness of export orders.
On this front, though, we might get some good news from the eurozone. If Germany's ZEW and Ifo surveys corroborate recent trends, they will show that optimism about the economy is higher than a few months ago. This news, however, might be tempered by purchasing managers' surveys of the euro area generally, and the National Bank of Belgium's business conditions indicator, both of which are likely to show the economy still in recession, albeit perhaps not as deeply so as recently.
In the US, attention will focus upon the Fed's policy announcement and new conference on Wednesday. It is expected to confirm that the Fed will continue to buy bonds, and keep the fed funds rate very low for a long time; its economic forecasts are likely to point to only moderate growth and still-high unemployment for months to come.
A couple of indicators, however, might paint a cheerier picture on Thursday. The National Association of Realtors is likely to report a further strengthening in the housing market, with sales of existing homes increasing again, and the Philadelphia Fed's survey of manufacturing activity in its region could show an increase in optimism.
