WASHINGTON (MarketWatch) — The U.S. economy is not getting much help from its friends.

Even discounting the grim headlines from Ukraine and the Middle East, the global economic outlook is starting to look green around the gills.

On Thursday, the International Monetary Fund will release the results of its latest exam of the health of the global economy and the results are not expected to be favorable.

IMF chief Christine Lagarde has already hinted that the outlook will be revised downward.

In April, the IMF was fairly upbeat on the outlook, projecting global growth would rise to 3.6% in 2014 from 3% in 2013.

Three months later, the outlook for Japan and euro-zone economies looks weaker, said Carl Weinberg, chief global economist at High Frequency Economics.

While not “catastrophic” to the U.S., weakness in these two key economies is “unwelcome,” Weinberg said.

In contrast, the U.S. economy has been looking healthier in recent weeks. On center stage this week is the latest reading of consumer price inflation.

Economists expect another firm consumer price index report on Tuesday. On a year-on-year basis, the CPI is expected to be up over 2% Energy prices are expected to post the highest monthly increase since February 2013, according to Millan Mulraine, economist at TD Securities.

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The CPI typically runs hotter than the Fed’s favorite inflation index, the personal consumption expenditure index, which was up 1.8% over the past year. The Fed targets 2% inflation over the medium term.

Federal Reserve Chairwoman Janet Yellen has downplayed the recent inflation readings, saying that they were “noisy.” And Charles Evans, president of the Chicago Fed, said he expects inflation will stay below 2%.

There will also be two fresh readings of the health of the housing market. Yellen told Congress last week that the sector has been surprisingly disappointing.

“Tougher mortgage rules and higher prices have countered the lift from recently lower mortgage rates and better job growth,” said Sal Guatieri, senior economist at BMO Capital Markets.

On Tuesday, existing home sales are expected to show some positive momentum. Sales are expected to rise 2.3% in June to 5 million units. This would be the third straight monthly gain but it follows a period where the headline number declined 7 out of 8 months.

Guatieri said that repeat buyers are having to “carry the ball” in the existing home segment as rapidly rising prices have undercut demand from investors and first-time buyers.

New home sales are expected to retreat in June after a strong 18.6% gain in May.

On Friday, durable goods orders are expected to be flat in June after a 0.9% decline in the prior month due to pullbacks in volatile defense goods and civilian aircraft categories, said Ted Wieseman, economist at Morgan Stanley.

Adolfo Laurenti, economist for Mesirow Financial, said the housing and durable goods reports will be good “harbingers” for second half growth.

At the moment, Laurenti still expects the economy to grow 3.5% rate in the second half.

But if housing and capital spending disappoint, “we may have to go back to the blackboard and become more conservative,” he said.

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