Purchasing managers' surveys on Thursday 2 January 2014 are expected to show that the manufacturing sector is growing, but only just and that there's no momentum in the recovery. This is likely to be consistent with the message of the National Bank of Belgium's survey of business conditions on Monday, which could post its highest reading since June 2011 - although this will still mean that things are weak.
One reason for the feebleness of activity will be evident in figures on Friday 3 January 2014. These will show that bank lending to the eurozone private sector is still falling - by around 2 per cent year on year. Worst still, savers lack confidence in banks. The figures will also show that while overnight deposits are growing well, long-term ones are falling. This might be a sign that low interest rates mean people are getting ready to spend rather than save - but it might also be a sign that people lack the confidence to tie up their money in banks.
The weakness of the eurozone is constraining the UK's economic growth. This could be evident in purchasing managers' surveys on 2 January, which might show that while manufacturing activity is growing well, it's expanding by less than last month, due in part to a lack of exports to the eurozone.
However, some other figures might give us some good news about our prospects. In the last couple of months, there have been signs that the long fall in bank lending to companies has come to an end. If Bank of England figures on 3 January corroborate this, we might reasonably hope that 2014 will bring a recovery in both capital spending and productivity. (One reason why productivity has stagnated is that a lack of finance or confidence to borrow has prevented newer, efficient companies from expanding - and most productivity growth comes from this process rather than from incumbents raising their productivity.)
Those Bank of England figures could also show rise in mortgage lending and approvals. This won't, however, be a sign of a bubble. The stock of mortgage debt is likely to be only around 0.9 per cent higher than a year ago. That compares with 10 per cent-plus growth before the crisis.
In the US, we will see signs of a continued recovery in the housing market. Although Tuesday's figures could show that sales of new houses fell last month after a big rise in October, they might still be some 10 per cent up on a year ago. And on Monday 30, the S&P/Case Shiller index could show that house prices have risen more than 24 per cent since their trough in early 2012 - although they are still 19 per cent below their 2006 peak.
It's not just housing that's doing well, though. So too is manufacturing. Official figures on Tuesday could show that durable goods orders rose last month. And the ISM survey on 2 January could show good rises in output and orders.
