Report Due on 2nd-Quarter GDP

The week will be filled with economic data, with second-quarter employment cost index and gross domestic product reports vying to attract the most attention. While the latter could show a slowing in economic growth from its frantic pace of the first quarter, possibly cheering the Fed, the former might show that labor costs continue to escalate, possibly reheating talk of further interest-rate hikes to come. Existing-home sales and durable goods data might similarly provide an insight into how deep and protracted the economic slowdown is.

Economic happenings this week:

* Tuesday, Federal Reserve Chairman Alan Greenspan testifies before the House Banking Committee on monetary policy; the Conference Board releases its consumer confidence report; and existing-home sales for June will be reported by the National Assn. of Realtors.

* Thursday, the Commerce Department reports durable goods orders for June, and the Labor Department reports second-quarter employment cost index and initial jobless claims for the latest week.

* Friday, the Commerce Department releases the GDP second-quarter report. Also, the University of Michigan gives its reading on July consumer sentiment.