Greek Bailout, U.S. Nonfarm Payrolls Highlight Economic Tape Next Week

The week ahead will largely be defined by two major events. First, on Friday, the February U.S. nonfarm payrolls report will be released, providing important data about the economic recovery. Second, also on Friday, euro-zone finance ministers will hold a conference call to decide whether Greece can get its second, €130 billion ($175 billion) bailout.

Below are other entries on the economic calendar:

Monday

10 a.m. -- The Institute for Supply Management's non-manufacturing index is expected to moderate to 56.0 in February, after surging 3.8 points to 56.8 in January. Such a reading would continue to point to solid growth in the services sector.

10 a.m. -- Factory orders for January likely fell 1.6 percent from month to month, after rising 1.1 percent in December. Economists expect to see an increase in nondurable-goods orders, largely reflecting a pickup in pricing. A preliminary report has already shown durable-goods orders dropped 4.0 percent in January.

1:20 p.m. -- Federal Reserve Bank of Dallas President Richard Fisher (a nonvoter on the Federal Open Market Committee this year) will deliver a speech titled The State of the Economy to the Dallas Regional Chamber.

7:30 p.m. -- Dallas Fed President Fisher will also speak in Houston.

Tuesday

5 a.m.* -- The second report on euro area (E17) fourth-quarter 2011 gross domestic product will be released. Economists expect the region's economy to have contracted 0.3 percent from the year-ago period. That's the same figure as in the first report.

Wednesday

7 a.m. -- The Mortgage Bankers Association purchase-applications index data for the week ending March 3 will be released.

8:15 a.m. -- The ADP employment report is likely to show U.S. private payolls rose by 200,000 in February, following a 170,000 gain in the prior month. This report will also include annual benchmark revisions.

8:30 a.m. -- Revisions to fourth-quarter 2011 nonfarm productivity and unit labor cost figures will be reported. Economists anticipate productivity in the nonfarm-business sector to be revised higher to 0.8 percent, while unit labor costs hold at 1.2 percent.

10:30 a.m. -- Crude-oil inventory figures for the week ending March 3 will be released.

1:15 p.m.* -- Germany Finance Minister Wolfgang Schaeuble speaks on Outlook for European economy and institutional governance in Florence, Italy.

3 p.m. -- Consumer credit is expected to expand by $10 billion in January, driven by strong vehicle sales and continued growth in student loans. This would mark the third consecutive double-digit increase.

6:50 p.m.* -- Final revisions to Japan's four-quarter GDP will be reported. Economists expect the country's economy to have shrunk 0.7 percent in the final three months of 2011, compared with the same year-ago period.

Thursday

Greece has set a March 8 deadline for investors to participate in the private-sector involvement (PSI) deal.*

5 a.m. -- Greece's unemployment rate for December will be released. In November, Greece's unemployment rate reached 20.9 percent.

7:30 a.m. -- Challenger job cuts for February will be reported.

7:45 a.m.* -- The European Central Bank will announce its March interest-rate decision. The consensus estimate is the ECB will keep its key interest rate at 1 percent.

8:30 a.m.* -- The ECB will discuss its decision at a press conference.

8:30 a.m. -- Initial jobless claims in the United States for the week ending March 3 could see another modest drop to 350,000 from 351,000. Under this forecast, the four-week moving average, already near a four-year low, would dip to a fresh low.

12 noon* -- Germany Finance Minister Wolfgang Schaeuble speaks on Theme of Europe in Berlin.

8:30 p.m. -- China's consumer price index is likely to rise 3.5 percent year-on-year in February, lower than the 4.5 percent increase in January.* The producer price index is also expected to record a smaller increase of 0.3 percent, compared with 0.7 percent in January. Economists think inflation is cooling off in China.

Friday

Euro-zone finance ministers will hold a conference call on Greece to approve second bailout.*

European Union foreign ministers will meet in Copenhagen, Denmark, through Saturday.*

Final revisions of Greece's fourth-quarter 2011 GDP will be reported by the Hellenic Statistical Authority. The preliminary data released on Feb. 14 showed a 7 percent contraction.

8:30 a.m. -- Monthly U.S. employment report. Economists expect February headline nonfarm payrolls to advance 210,000 (previous: 243,000), private payrolls to expand 223,000 (previous: 257,000); and manufacturing payrolls to add 25,000 (previous: 50,000). The unemployment rate is likely to hold at 8.3 percent, after five consecutive months of decline.

8:30 a.m. -- The January trade deficit may have widened modestly to $49.1 billion from $48.8 billion. This could mark a third consecutive month where import growth has outpaced export growth. This partly reflects an increase in petroleum imports due to higher prices on the one hand and a decrease in exports because of the European debt crisis.

10 a.m. -- Wholesale inventories are expected to have expanded 0.6 percent in January, compared with a 1 percent increase in December.

* Indicates non-U.S. event or release

All listed times are Eastern time. Dates and times are subject to change.