Reports this week start slow and build

A retail sales report on Tuesday and Thursday's release of the consumer price index make up the major U.S. economic reports scheduled for release this week. The week starts slow, as Monday has no major reports scheduled for release. On Tuesday, Britain's Office of National Statistics is set to report on July's consumer price index, which is expected to show annual inflation at 2.8 percent. Britain's producer price index is set for release Tuesday, as well. In Washington, the Commerce Department is scheduled to release national retail numbers for July on Tuesday, a critical component of overall consumer spending. A business inventories report is due Tuesday, set for release by the Census Bureau News. On Wednesday, the Bank of England is scheduled to release the meeting minutes for their Aug. 1 policy meeting, which provide insight concerning the Aug. 7 announcement that the central bank would tie interest rates to the unemployment rate. It may also provide clues as to how Gov. Mark Carney is acclimating to his new position. The European Commission on Wednesday is scheduled to release gross domestic product estimate for the second quarter. A very slight rise is expected after a 0.3 percent drop in the first quarter. U.S. producer price figures are due Wednesday. British retail sales for July and the U.S consumer price index are due Thursday. As well, the Labor Department on Thursday releases its weekly report on first-time unemployment benefit applications, a gauge of the country's employment situation. The week ends with a consumer price index report for the eurozone and reports on U.S. housing starts and non-farm productivity.